African electric mobility company Spiro has secured $215 million in fresh equity funding, extending a series of major capital raises as investors increase their bets on the continent’s fast-growing clean transportation and energy infrastructure sector.
The latest investment round, backed by Impact Fund Denmark and Equitane, will finance the expansion of Spiro’s battery-swapping network, manufacturing operations, technology development and entry into new African markets, including Ethiopia and the Democratic Republic of Congo.
The transaction follows several major financings that have transformed Spiro into one of Africa’s most heavily funded electric mobility companies. In 2025, the company secured a landmark $100 million investment led by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank. Earlier this year, it also obtained a $50 million debt facility backed by Afreximbank, Nithio and the Africa Go Green Fund to accelerate deployment of clean mobility infrastructure across the continent.
The latest raise comes as African governments and investors increasingly view electric mobility as a strategic solution to rising fuel costs, growing urban populations and the need to reduce dependence on imported fossil fuels. Across many African cities, motorcycle taxis remain a primary mode of transportation, creating a significant market opportunity for affordable electric alternatives.
Founded with the goal of building a continent-wide electric mobility ecosystem, Spiro has expanded rapidly across Kenya, Uganda, Rwanda, Nigeria, Cameroon, Benin and Togo. The company says it has deployed more than 100,000 electric motorcycles and established over 2,500 battery-swapping stations, making it the largest battery-swapping network for electric two-wheelers in Africa.
For riders, the economics are becoming increasingly compelling. According to the company, operating an electric motorcycle through Spiro’s platform can reduce daily mobility costs by up to 40%, translating into savings of as much as $2 per day compared with conventional fuel-powered motorcycles.
Beyond transportation, Spiro is positioning itself as a broader clean-energy infrastructure platform. The company operates manufacturing facilities in Kenya, Rwanda and Uganda, alongside a battery recycling facility in Nigeria. Its technology ecosystem includes solar-powered battery-swapping stations, connected vehicle systems and second-life battery storage solutions designed to support renewable energy deployment.
Recent lifecycle assessments conducted on Spiro’s operations in Kenya found that its electric motorcycles reduce climate impact by approximately 72% compared with fossil-fuel alternatives. The study also reported significant reductions in ozone depletion potential and particulate matter emissions, highlighting the potential public health benefits of electrified urban transport systems.
“This past year marked a defining strategic milestone for Spiro,” said Gagan Gupta, founder of Spiro and chairman of Equitane. “Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality.”
The company says its operations have contributed to the creation of more than 6,000 direct and indirect jobs across Africa while supporting local manufacturing and industrial development.
For investors, the attraction lies in combining commercial growth with measurable climate impact. “We see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” said Lars Bo Bertram, chief executive officer of Impact Fund Denmark.
As global capital increasingly targets Africa’s energy transition, Spiro’s latest funding round underscores growing confidence that the continent’s electric vehicle opportunity extends beyond vehicle sales into the infrastructure, energy and industrial ecosystems required to support large-scale adoption.
With battery-swapping technology gaining traction as a practical alternative to conventional charging in two-wheel transport markets, Spiro is positioning itself at the center of what could become one of Africa’s largest emerging clean mobility and energy networks.