Zeno raises $25 million in Series A equity and debt financing

Zeno, an electric mobility and distributed energy services company, has raised $25 million through a combination of Series A equity and debt financing. The equity round was led by Congruent Ventures, with participation from existing and new investors. Debt facilities were provided by Trifecta Capital and Camber Road.

The company states that its model integrates charging infrastructure with vehicle and battery development. Zeno previously raised $9.5 million in seed funding led by Lowercarbon Capital.

Zeno currently operates in four cities across East Africa and has established a charging network of more than 150 charge point locations. The company has developed a multi-modal charging system for two- and three-wheel vehicles. Its charging model includes swap stations, plug-in public fast chargers, and home charging options.

According to the company, it has completed development of three charging products, a battery system, its Emara electric motorcycle, and a cloud-based operating system. Zeno reports that it has launched commercial operations and serves nearly 1,000 motorbike and energy subscription customers across four cities.

Michael Spencer, Founder and CEO of Zeno, said “Our focus from day one has been the right product first, then rigorous execution; being the best mover, not the first mover. 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.”

Gray Robinson, Partner at Congruent Ventures, stated that “Zeno’s solution uniquely satisfies commercial performance requirements in an electric model with 50% lower operating costs than ICE alternatives. We believe they have the platform and team required to achieve rapid scale.”

“Having been an early supporter of Zeno, AdvantEdge is thrilled to invest an additional $2 million as the company enters this next phase of rapid scale. While Zeno has already proven its operational excellence in East Africa, we see a tremendous opportunity for their interoperable, multi-modal charging platform in India. The Indian rider-sharing two-wheeler market is ready to be disrupted, and Zeno’s ability to provide high-performance EVs with 50% lower operating costs than traditional engines—backed by a team of former Tesla, Ather , Zoom & Ola Electric leaders—makes them uniquely positioned to lead the energy transition across both continents.” said Kunal Khattar, Partner at AdvantEdge Founders.

Zeno plans to expand its charging network across East Africa and increase production of its Emara motorcycle. The company reports a waitlist of over 25,000 retail and fleet customers.

Founded in 2022 by Michael Spencer, a former executive at Tesla, Zeno operates from offices in San Francisco, Nairobi, and Bangalore. Congruent Ventures is an early-stage venture firm focused on climate and sustainability sectors, including mobility, energy transition, food and agriculture, and sustainable production. The firm reports managing over $1 billion in assets across its funds and has invested in 59 companies.

Also read: Helios Climate invests in SUN Mobility to launch battery swapping network in Africa