Nairobi, Feb. 15 -- The World Bank's private sector investment arm, International Finance Corporation (IFC), plans to make an equity investment of up to $5 million (Sh645 million) in e-mobility provider Arc Ride, which is eyeing regional expansion.

IFC said Arc Ride is in the market for its Series A financing round to fund expansion and growth, but did not disclose the size of stake it will be taking up in the e-mobility company founded in 2020.

This means Arc Ride has proven its services have demand in the market and is now looking for funding to scale its operations and expand into other African markets.

"IFC proposes an equity investment of up to $5 million to support Arc Ride's Series A financing round, which aims to scale network ...