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Watu gets the first cheque from Lendable's new transport and energy fund
Asset-financing company Watu is the first business to receive money from the Lendable Transportation and Energy Fund. The size and form of the investment have not been disclosed.
By Propel Africa · 2026-10-14
Watu, the East African asset-financing company, is the first business to receive money from the Lendable Transportation and Energy Fund (LTEF), Launch Base Africa reported on 9 October. Neither the size nor the form of the investment has been disclosed.
The fund, managed by Lendable, is targeting $200 million by mid-2027. It held a first close of $135 million in December 2025, with a second close expected later this year. Shell Foundation provides first-loss capital in the most junior tranche, with support from the UK's Foreign, Commonwealth and Development Office, while IFC, FMO, SIFEM and several family offices anchor the more senior tranches.
According to the fund's announcement, the money will help Watu grow its lease-to-own electric motorcycle business towards about 1,000 vehicles a month. Watu has financed more than 8,000 electric vehicles since it moved into electric mobility in 2021, and runs electric vehicle operations in Kenya, Uganda, Rwanda and Tanzania. Its wider business covers eight African countries, as well as Mexico and Brazil.
The two companies have worked together before. Lendable first financed Watu in 2017, with a $1.5 million debt package.