IFC backs Kenyan e-mobility startup Arc Ride with $5M for regional expansion

IFC, the World Bank's private investment arm, has committed $5 million (KES 645 million) to Kenyan battery-as-a-service startup Arc Ride to support its planned Series A round and regional expansion across Africa. The funding aims to scale Arc Ride's battery-swapping infrastructure and partnerships with local electric mobility operators in the East African market, which is seen as ripe for clean transport adoption. IFC's equity investment will help Arc Ride increase network density and service capacity in Kenya while expanding into new African markets and strengthening technology capabilities through R&D and upgrades to international standards. Founded in 2019 by Joseph Hurst-Croft, Arc Ride's Baas model removes the high upfront cost of electric motorcycles by allowing riders to buy the bike without its most expensive component and swap depleted batteries for charged ones at strategically placed stations in everyday locations like petrol stations and shops. The company has already secured $5 million in debt from British International Investment (BII) in early 2025 and $10 million from Mirova International in September 2025 to fund new stations and battery purchases. IFC's backing is expected to de-risk the business for private investors and help Arc Ride meet growing environmental and social standards required by global climate financiers.

SOURCE: https://techcabal.com/2026/02/17/keny-arc-ride-ifc-5-seriesa/