Spiro has closed a US$100 million investment funding round in a bid to expand two-wheel electric mobility in Africa. This is the largest investment in African two-wheel electric mobility ever.
The funding round was spearheaded by The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). The bank committed US$75 million to the deal.
The newly secured capital is earmarked for massive expansion. Specifically, Spiro will use the funds to scale its industry-leading battery-swapping infrastructure across its existing and new markets. The company has set an aggressive goal to deploy over 100,000 electric vehicles by the end of 2025.
“Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles. For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles,” said Kaushik Burman, CEO of Spiro.
Spiro’s operation model is centred around battery swapping technology, which provides riders with access to Spiro’s network of swapping stations, fast and slow chargers, and home charging solutions. This approach ensures that energy is available exactly when and where their customers need it.
Spiro currently operates the largest and fastest-growing battery-swapping network on the continent. Its commercial operations span six African countries: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs running in Tanzania and Cameroon. The firm has already facilitated an impressive 26 million battery swaps and manages more than 1,200 swapping stations.
Before this latest round, Spiro had secured more than US$180 million from Equitane and Société Générale, reinforcing investor confidence in the company’s long-term growth strategy.