NAIROBI, Feb 26 – Spiro has raised $50 million in debt financing to expand its electric motorcycle and battery swapping infrastructure across Africa, the company said.
The funding was backed by the African Export-Import Bank, climate focused investor Nithio, and the Africa Go Green Fund managed by Cygnum Capital. The latest raise follows a $100 million investment secured in October 2025, bringing recent total funding to $150 million.
Spiro said it will use the capital to scale its battery swapping network across existing markets, including Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, while strengthening operations in Cameroon and Tanzania. The company also plans to advance automated battery swap systems, expand fast charging capacity and integrate renewable energy into its network.
The company operates in eight African countries and focuses on a model that separates battery ownership from motorcycles. Riders can exchange depleted batteries for fully charged units within minutes, reducing downtime and lowering upfront costs.
According to company data, Spiro has deployed more than 80,000 electric motorcycles and distributed over 300,000 batteries. It has completed more than 30 million battery swaps and established over 2,500 battery swap stations across its markets.
The company said its platform has enabled more than one billion kilometres of carbon free travel. It added that its operations have helped reduce carbon emissions while supporting commercial transport users across urban areas.
Spiro continues to expand its production and assembly footprint in Africa, with facilities in countries such as Kenya, Uganda, Tanzania and Ghana. It is also developing new facilities in Nigeria and Rwanda to support local manufacturing.
Chief Executive Officer Kaushik Burman said the funding will support the company’s efforts to scale electric mobility infrastructure across the continent.
