We’re thrilled to announce our investment in Zeno, a company set to transform two-wheel transportation in emerging markets with an innovative electric motorcycle ecosystem.
A market on the cusp
Personal transportation is on the edge of a massive shift. 600 million petrol-powered motorcycles and mopeds are on roads worldwide today, and projections put that number at 2 billion by 2040.
Despite the size of the market, there is a glaring gap: no compelling electric option exists for the dominant 100–200cc commuter segment.
Why commercial riders first
Commercial motorbike taxi drivers, particularly in Africa, are a uniquely promising beachhead for EV adoption. The average boda boda driver covers enough miles annually to circle the globe, and spends as much on fuel as an American commuter despite having a twentieth of the purchasing power. Switching to electric cuts their fuel costs by 50–75%; Indian commercial drivers see 25–50% savings.
More than a motorcycle
Zeno’s ambition goes further: transforming the customer’s relationship with energy, with batteries eventually powering homes, businesses and even supporting the grid.
The team
Michael Spencer (CEO) is an ex-Tesla leadership team member with 15 years building businesses in East Africa. Rob Newberry (VP Software) was a senior engineering leader at Apple and Nest. Swaroop Bhushan (VP Engineering) is a powertrain software expert from Lucid and Harley-Davidson’s LiveWire. Alastair Sussock built SafeBoda, Uganda’s largest boda ride-hailing app, from seed to Series C.
Why we invested
- Massive untapped market — a huge, underserved segment in rapidly growing emerging markets.
- Product-market fit — the solution directly addresses commercial drivers, who benefit most from electrification.
- Ecosystem approach — tackling vehicle and charging infrastructure together creates a complete solution.
- Recurring revenue — battery-as-a-service lowers the adoption barrier and creates a subscription stream.
- Exceptional team — the right blend of EV expertise, software depth and emerging-market experience.
- Long-term vision — the ambition to transform energy use goes well beyond transportation.
By providing an affordable, reliable and eco-friendly alternative to petrol motorcycles, Zeno has the potential to transform millions of lives while significantly reducing carbon emissions. We’re excited to partner with Michael, Rob, Swaroop, Alastair and the whole team.