Zeno’s $9.5M Entry into East Africa

September 25, 2024 • Estimated Reading Time: 2 minutes

Key Figures & Findings: Zeno, a startup founded in 2022 by former Tesla executive Michael Spencer, which platform offers electric mobility and flexible energy storage solutions, including home charging, swap stations, and destination chargers. is focused on transforming East Africa’s energy and transport landscape through innovative swappable battery technology. Recently, Zeno raised $9.5 million in an oversubscribed seed round backed by Lowercarbon Capital, Toyota Ventures, and others.

Statistics & Insights: The African EV market, although growing slower than global trends, is projected to reach $204.8 million by 2024. Zeno’s upcoming product launch positions it to compete with established regional players like Rwanda's Ampersand and Kenya's BasiGo.

Future Implications:  If Zeno’s plans succeed, it could accelerate Zeno’s plans to introduce electric motorbikes in early 2025, with flexible options for customers to buy or lease, aligning with the company's goal to reduce the high fuel costs for East Africa’s motorbike taxi riders.