Electric mobility company Spiro has secured US$215 million in equity financing to expand its battery swapping network, grow manufacturing capacity and deepen electric vehicle infrastructure across Africa.
What the Capital Will Do
The funds will accelerate deployment of battery swapping stations, widen Spiro’s industrial and assembly footprint, advance technology development and finance entry into new African markets.
Spiro already operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. The company now targets the Democratic Republic of Congo and Ethiopia as its next markets.
This latest round builds on earlier debt financing secured in February: a US$7 million senior debt facility to grow its electric fleet, followed weeks later by a US$50 million debt package to support further infrastructure expansion.
Beyond Proof of Concept
Spiro no longer operates as a pilot project. After several years building out its product portfolio, technology systems and energy ecosystem, the company has crossed a threshold that few African mobility startups reach.
It has deployed more than 100,000 electric motorcycles, operates over 2,500 battery swapping stations across seven markets and has recorded more than 30 million battery swaps.
“Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs,” said Gagan Gupta, Founder of Spiro and Chairman of Equitane. “Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
Manufacturing Rooted in Africa
Spiro’s production network spans Kenya, Rwanda and Uganda, with a battery recycling facility in Nigeria. Its infrastructure includes IoT-enabled swapping stations, solar-powered swap points and battery systems built for secondary-life energy storage — meaning spent batteries find a second purpose rather than a landfill.
Investor Rationale
Impact Fund Denmark and Equitane backed the round.
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” said Lars Bo Bertram, CEO of Impact Fund Denmark.
A Clean Energy Network, Not Just Transport
Spiro frames its ambitions beyond moving people from one place to another. Through battery swapping infrastructure and renewable energy storage, it aims to cut Africa’s dependence on imported fossil fuels — turning a fleet of electric motorcycles into the backbone of a wider clean energy network.
Since 2022, the company has raised more than US$230 million in total financing, a figure that signals growing investor conviction in African electric mobility as both a commercial and climate opportunity.
