Zeno, the electric-mobility and distributed energy services company, announced it has raised a combined $25 million in Series A equity and debt financing. The equity round was led by Congruent Ventures, with participation from over a dozen existing and new investors, alongside debt facilities provided by Trifecta Capital and Camber Road.
Currently operating in four cities across East Africa with a charging network that spans more than 150 chargepoint locations, Zeno was the first company globally to develop and introduce interoperable multi-modal charging for two-and three-wheel vehicles. By combining small-footprint, high-capacity swap stations with plug-in public fast chargers and home charging options, Zeno has demonstrated more ubiquitous and flexible charging solutions than swap-only business models, better meeting customer needs while demonstrating strong charging economics geared towards profitability.
In a sector where success is often measured by how much capital is raised rather than how efficiently it is used or how well the customer is served, Zeno stands out, achieving pre-Series A milestones more commonly seen in SaaS businesses than an EV OEM and charge point operator. With their $9.5M seed round led by Lowercarbon capital, Zeno:
- Completed full stack, patent-protected development of their three charging products, battery and flagship vehicle, the Emara sport utility motorcycle, along with their cloud-based operating system.
- Launched commercial operations and scaled to serving close to one thousand motorbike and energy subscription customers across four cities.
- Consistently delivered high quality, reliable products and customer service in an industry that struggles with product failures, service challenges and long wait times at swap stations.
“Our focus from day one has been the right product first, then rigorous execution; being the best mover, not the first mover,” says Michael Spencer, CEO and Founder. “We have demonstrated that we can execute on excellent, rapid and cost effective product development. With this new round of funding, we are excited to accelerate growth with the continued operational excellence and intensity that defines our organization.”
“Zeno’s solution uniquely satisfies commercial performance requirements in an electric model with 50% lower operating costs than ICE alternatives,” said Gray Robinson, Partner at Congruent Ventures. “We believe they have the platform and team required to achieve rapid scale.”
The funding will accelerate Zeno’s growth across East Africa, supporting expansion of their charging network and increased production of their Emara motorcycle to serve a waitlist of more than 25,000 retail and fleet customers.
As Zeno grows, it will deepen its charging network, expand its geographic footprint and extend its product offering. The company’s broader vision is to create an energy generation and productive use ecosystem where Zeno’s batteries power not only movement but also homes and businesses across emerging markets.
