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Clean Vehicles

Former Uber, Alphabet Executives Bet on EV Startup Opibus

Gijs Coolen

(Bloomberg) —

Opibus, an electric bus and motorcycle company based in Sweden and Kenya, said it secured $7.5 million from ventures run by former Uber Technologies Inc. and Alphabet Inc. executives to help it start producing vehicles on a commercial scale next year.

The money from the biggest fund-raising ever by an electric vehicle company in Africa came from At One Ventures, Factor[e] Ventures and Ambo Ventures, Opibus said in a statement on Tuesday.

“Africa is one of the fastest growing transportation markets globally, with a total market potential of $10 billion by 2030, and is largely untapped,” Opibus said.

The funding consists of $5 million in equity and $2.5 million in grants. Ambo’s management team includes Loic Amado, who established Uber’s services across 10 African, European and Middle Eastern countries and Jade Bouhmouch, who worked as strategic adviser to the head of Europe, the Middle East and Africa for Google Ads.

Opibus, founded as a project at a Swedish university, focuses on converting vehicles that use petroleum to electric. 

© 2021 Bloomberg L.P.

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