Mobius Motors, a Kenya-based automaker who design and manufactures durable, affordable vehicles for Africa, has successfully closed an equity and debt funding round. The lead investor in the equity round, Pan-African Investment Company, is joined by other investors including Playfair Capital, Techstars, Chandaria Industries and VestedWorld. The debt financing is being provided by the Overseas Private Investment Corporation, the development finance institution of the United States. The financing will be used to launch Mobius Motors' new production facility in Nairobi as well as accelerate its growth strategy.
Mobius Motors was conceived to provide locally-designed and manufactured cars for the African mass market. At present, the majority of automotive customers buy used imports, most of which are expensive and ill-suited for the wide range of driving conditions found locally. The company's new Mobius II model is a rugged vehicle suitable for a wide range of terrains, including rough rural roads, and designed for typical cargo loading. In addition to local consumers, Mobius II is also well-suited for business use, providing a robust platform for local entrepreneurs and their transport needs.
Giles Hawkins, Corporate Partner at Ashfords, led the team advising Mobius Motors on the fundraising. Giles was assisted by Rebecca Dury (Partner) and Jonathan Hyde (Solicitor).
Giles commented: "Mobius Motors is a growing and highly innovative company, and we are proud to have advised them on their exciting equity and debt fundraising rounds. This result is highly significant for Mobius Motors, and will enable them accelerate its manufacturing and growth strategy".