On.Capital invests in e-mobility-Saas pioneer STIMA in Kenya
16 June 2023 – ARE Member On.Capital SAS has invested, alongside a group of experienced business angels, in STIMA, a Kenya-based software as a service for electric mobility and traditional fleet managers. STIMA created a smart energy infrastructure solution to enable 15 million motorbike taxi drivers in sub-Saharan Africa to switch to electric two-wheelers. The On.Capital team is proud to support STIMA's open platform approach and growth on the continent.
“This is our third investment in e-mobility in Africa, of which 2 are in Kenya [Previously, On.Capital invested in BasiGo]. The market is at a turning point, similar to the pay-as-you-go and C&I space a few years ago. There is a large market of vehicle fleets waiting to turn to electric. The market is ready to take off”, says Emmanuel Beau, Founder and President of On.Capital.
“We believe that STIMA is very well positioned to deploy its solution in many geographies as the company is flexible and can partner with a variety of key players across the value chain, be it an incumbent fleet manager, asset owner, utility or EV manufacturer”, says Julien Jeannet, CoFounder and Senior Partner at On.Capital.
"Our commitment is to support the growth of sustainable, profitable, and scalable e-mobility businesses across Africa and other regions. At STIMA, we firmly believe in an inclusive model that encourages the participation of numerous companies in the 2-wheeler e-mobility sector and equips them with the technology to efficiently deploy and manage battery-swapping infrastructure. By harnessing the collective strengths of established companies, our ultimate goal is to accelerate the transition of 30 million commercial riders on the continent. We see great alignment with On.Capital, their support will contribute to boosting our technology developments and facilitate the transition to e-mobility for a greater number of companies", says Jason GRAS, Co-Founder at STIMA.