Kenyan Electric Mobility Startup ARC Ride Secures $33.3 Million to Scale Battery-Swapping Infrastructure Across Africa

Kenyan electric mobility startup ARC Ride has raised $33.3 million in a mix of equity and asset-backed debt financing to expand its battery-swapping network and accelerate the adoption of electric motorcycles across Africa. The funding round was led by Novastar Ventures and Norrsken22 , with participation from development finance institutions including the International Finance Corporation (IFC) , British International Investment (BII) , and Proparco . Existing investors, including Japanese auto