Nairobi-based electric bus startup BasiGo has secured a significant funding boost, closing a $24 million Series A equity round and an additional $17.5 million in debt funding. The investment, led by Africa50, the British International Investment (BII), and the U.S. Development Finance Corporation (DFC), will enable BasiGo to expand its fleet of electric buses in Kenya and Rwanda.

Since its launch in 2021, BasiGo has made a notable impact, transporting over 4 million passengers and reducing greenhouse gas emissions by 1,175 tonnes. The startup's strategy is to tap into Nairobi's Matatu culture, partnering with Savings and Credit Co-operatives (SACCOs) to introduce electric buses into Kenyan roads.

The funding comes at a crucial time, following the Kenyan government's launch of a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles. BasiGo plans to use the investment to grow its fleet from 119 to 1,000 buses in Kenya and Rwanda over the next three years, competing with Roam Motors, which raised $24 million in February 2024.