Enzi Mobility, the Nairobi-based electric motorcycle manufacturer, has secured $3.5 million through an unconventional partnership with Kula PCC, a blockchain investment firm. The deal structure proves instructive: $2 million in traditional equity accompanied by $1.5 million in blockchain technology infrastructure—suggesting that governance rails matter as much as capital deployment in emerging market climate investments.
Founded by CEO Bill Schafer, whose experience building hybrid electric vehicles dates to the early 1990s, Enzi targets Kenya’s 1.5 million motorcycle taxi drivers with a value proposition that combines environmental impact with economic pragmatism. The company’s electric motorcycles reduce operating costs by 50% compared to petrol alternatives, translating to $1,000 additional annual income per rider—money that flows directly to households at the base of Kenya’s economic pyramid.
The blockchain component extends beyond fashionable tech integration. Enzi will deploy two digital tokens: $ENZI providing community voting rights to riders and staff, and $BODA offering rewards for regular users. This governance structure transforms drivers from mere customers into stakeholders with formal voice in company decisions—an innovation that addresses the power imbalances inherent in traditional asset financing models where capital providers dictate terms to borrowers.
Enzi operates within Kenya’s rapidly maturing electric motorcycle sector, which achieved 7.1% market share of new registrations in 2024—up from 0.5% in 2021. The Kenya National Bureau of Statistics reports that 4,862 of 68,804 motorcycles registered in 2024 were electric, demonstrating acceleration despite overall market contraction. This growth occurs against backdrop of collapsing conventional motorcycle sales, which plummeted from 285,203 units in 2021 to just 68,804 in 2024 as high fuel costs and financing expenses devastated purchasing power.
The Kenyan government’s E-Mobility Program, launched in 2023, targets 200,000 electric motorcycles by end of 2024—an ambitious goal supported by tax incentives including zero import duty on EVs, reduced excise tax from 20% to 10%, and VAT exemptions on batteries and charging equipment. With 85% of Kenya’s electricity generated from renewable sources, the environmental case for electrification proves compelling beyond rhetoric.
Kenya’s 2 million existing petrol motorcycles emit over 1.5 million tonnes of CO2 annually while fueling accounts for drivers’ single largest expense. For boda-boda operators earning survival wages, the 45% average savings on fuel and maintenance that electric motorcycles deliver represents difference between subsistence and modest prosperity. This economic imperative, rather than environmental consciousness, drives adoption among price-sensitive riders.
The broader East African motorcycle taxi market, valued at $80 billion by BBC research, remains largely informal with drivers paying daily rental fees to motorcycle owners rather than building equity. This dependency relationship perpetuates poverty while excluding drivers from formal financial services—creating both humanitarian challenge and business opportunity for models like Enzi’s that facilitate ownership transitions.
For impact investors, Enzi’s blockchain-enabled governance model addresses a persistent challenge in development finance: how to ensure beneficiary agency without sacrificing capital efficiency. Traditional microfinance and asset financing structures impose terms on borrowers who lack negotiating power. By granting riders formal voting rights through tokenisation, Enzi creates accountability mechanisms that align investor, operator, and user interests—potentially establishing blueprint for equitable climate finance in emerging markets.
The $1.5 million blockchain infrastructure allocation proves strategically sophisticated. Rather than treating technology as operational expense, Kula structures it as investment in governance architecture that enables impact tracking, transparent reporting, and stakeholder participation. This approach may attract additional capital from development finance institutions and ESG-focused investors requiring measurable social returns alongside financial metrics.
For venture capitalists evaluating African e-mobility opportunities, Enzi’s unit economics validate the sector’s commercial viability. Delivering $1,000 annual income increases to riders creates demonstrable value that justifies premium pricing or subscription models, while 50% operating cost reductions compared to petrol create natural switching incentives independent of climate consciousness. These fundamentals suggest sustainable business models rather than subsidy-dependent ventures.
The competitive landscape reveals interesting positioning. While larger competitors like Roam ($24 million Series A) and ARC Ride (backed by British International Investment) focus on scale and manufacturing capacity, Enzi differentiates through governance innovation and community participation. This strategy may prove particularly valuable as the sector matures and differentiation shifts from hardware capabilities to stakeholder relationships and financing structures.
The blockchain governance approach also addresses regulatory considerations. As African governments increasingly scrutinize foreign capital extraction from local markets, structures that demonstrably empower local stakeholders through formal participation mechanisms may receive preferential treatment or regulatory approval compared to purely extractive investment models.
For VCs Reading This: “If you missed Enzi’s governance innovation, consider three parallel blockchain-enabled climate opportunities:
- Roam Kenya – Electric motorcycle manufacturer that raised $24 million Series A, now seeking growth capital to scale manufacturing to 10,000 unit capacity
- ARC Ride Kenya – British International Investment-backed e-mobility platform adding 5,000 electric motorcycles, targeting impact investors focused on carbon reduction
- Ampersand Rwanda – Battery-swapping network expanding across East Africa, seeking Series B funding with proven unit economics across 3,000+ motorcycles”
Impact Investors Active in African E-Mobility: “- British International Investment (BII) – UK development finance institution with $4 billion portfolio, recently backed ARC Ride’s expansion; focuses on climate impact with commercial returns
- Equator Africa – $55 million climate tech fund that led Roam’s Series A, specifically targeting African clean transport solutions with seed and Series A cheques
- US International Development Finance Corporation (DFC) – Provided $10 million debt commitment to Roam, actively seeking additional African e-mobility investments with strong development impact”
For Founders Reading This: “Key takeaways for building sustainable e-mobility platforms in Africa:
- Emphasize economic rather than environmental value propositions—riders care about $1,000 additional annual income, not carbon reduction, though both matter for impact investors
- Consider blockchain governance from inception rather than retrofitting—Enzi’s tokenised voting rights create competitive differentiation that pure hardware innovation cannot replicate
- Target motorcycle taxi operators over private consumers—commercial users with daily revenue streams offer superior credit profiles and willingness to adopt new technologies
- Design battery-swapping infrastructure early—range anxiety elimination through convenient swap stations proves essential for mass adoption among boda-boda drivers
- Partner with ride-hailing platforms—Uber and Bolt integrations provide immediate customer access and fleet management capabilities that independent operations lack”
Enzi’s blockchain-enabled financing model suggests that Africa’s e-mobility transition may pioneer governance innovations applicable to climate finance globally. As development capital increasingly demands measurable social impact alongside financial returns, structures that grant beneficiaries formal participation rights while maintaining commercial discipline may define the next generation of sustainable infrastructure investment—with Kenya’s boda-boda revolution serving as proving ground for scalable, equitable green finance architecture.
