JOHANNESBERG, June 2 – Africa’s Largest Electric mobility company Spiro has raised $215 million in new equity funding to support the expansion of its electric motorcycle and battery-swapping operations across Africa.
The funding round was backed by investors including Impact Fund Denmark and Equitane and follows a $50 million debt financing secured earlier this year. It also comes less than a year after the company raised $100 million in equity funding led by the Fund for Export Development in Africa (FEDA).
The latest investment will be used to expand Spiro’s battery-swapping network, increase manufacturing capacity and strengthen its energy infrastructure, including solar-powered swap stations and battery storage systems.
Founded in 2022, Spiro operates across Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. The company said it has deployed more than 100,000 electric motorcycles and established over 2,500 battery-swapping stations across its markets.
The company is targeting growing demand for electric transport as fuel prices remain elevated and governments across the continent look to reduce dependence on imported petroleum products. According to Spiro, riders using its electric motorcycles can lower operating costs by up to 40% compared with petrol-powered alternatives.
Spiro also assembles vehicles in Kenya, Rwanda and Uganda and operates a battery recycling facility in Nigeria as part of its broader local manufacturing strategy.
The company said it plans to expand further into new markets, including Ethiopia and the Democratic Republic of Congo, as it scales its electric mobility network across the continent.
