ICON advises ARC Ride on its $33.3 million financing to accelerate Africa's electric mobility infrastructure
08.09.2026
Tech M&A and fundraising adviser ICON Corporate Finance has advised electric mobility platform ARC Ride on one of the largest financings in Africa’s electric mobility sector to date, securing a $33.3 million investment from a consortium of VCs, global development finance institutions and impact investors.
The financing was led by Novastar Ventures and Norrsken22, with IFC, British International Investment (BII) and Proparco joining as co-investors. Existing investors Musashi Seimitsu, the Japanese Tier-1 automotive supplier, and Talanton, the African impact investor, reaffirmed their conviction, committing further capital in the round. The financing also included a debt facility from BII’s Kinetic programme and Mirova.
ARC Ride is building the infrastructure backbone for Africa’s electric transport transition through its Battery-as-a-Service (BaaS) platform, enabling rapid battery swaps for electric two- and three-wheelers via a growing network of smart battery swap stations.
The new capital will fund ARC Ride’s geographic expansion across multiple sub-Saharan African markets, support platform and battery-swapping infrastructure development, and build operational scale across existing and new markets, further strengthening its position as Africa’s leading BaaS provider.
The financing structure reflects a tailored approach to scaling infrastructure-led platforms, aligning asset-backed debt for capital-intensive deployment with equity funding for growth and expansion. The participation of leading DFIs and global investors signals growing confidence in Africa’s electric mobility opportunity.
ARC Ride is now focused on delivering infrastructure at scale, demonstrating best-in-class unit economics and operational performance, and positioning the business for its next phase of continental growth.
“This deal marks a major step forward for ARC Ride and our ambition to transform electric mobility across Africa. We are delighted with the outcome and excited about what it enables us to do next: scale our infrastructure, reach more riders and accelerate the transition away from petrol. ICON played a critical role throughout the deal process, bringing deep sector expertise, strategic insight and relentless commitment at every stage. Sumeet and Edward were exceptional advisers and true partners to the team, helping us navigate a complex process with confidence and ultimately achieve an outstanding result for ARC Ride.”
Jo Hurst Croft
Founder of ARC Ride
“ARC Ride is transforming electric mobility across Africa. The business combines strong commercial fundamentals with meaningful infrastructure and climate impact, establishing itself as a leader in one of the continent’s most exciting growth markets. We’re delighted to have advised Jo and the team on this milestone transaction as they embark on their next phase of expansion.”
“ARC Ride is building a category-defining platform at the intersection of mobility, infrastructure and climate. This transaction demonstrates the value of structuring capital to match a company’s ambitions to scale. Combining infrastructure financing with growth equity has created a financing package that supports both rapid expansion and the unlocking of long-term value. It reflects growing investor confidence in battery swapping, clean transport, and locally led mobility platforms.”
