Electric motorcycle maker Spiro has secured an additional $18 million in debt financing as it expands in Uganda and Rwanda.
The latest funding, from Africa Go Green Fund, takes the fund’s total commitment to the company to $36 million and will be used to fund additional electric motorcycles and battery-swapping infrastructure in the two markets,.
Spiro has deployed more than 135,000 electric motorcycles across seven African markets and completed more than 50 million battery swaps, the company said.
The new financing follows an $18 million commitment from Africa Go Green Fund in December 2025, part of a $25 million debt facility that also included $7 million from Nithio.
Spiro has raised substantial capital as it has expanded its operations. In October 2025, it raised $100 million, including $75 million from Afreximbank’s investment arm, the Fund for Export Development in Africa.
In February, Spiro secured a $50 million debt facility from Afreximbank, Africa Go Green Fund and Nithio to expand its battery-swapping network.The company later announced $215 million in equity financing and a further $55 million investment from NewTrails Capital, bringing that equity round to $270 million.
The latest financing is separate from those equity transactions and will support further expansion of Spiro’s infrastructure.Spiro’s battery-swapping model allows riders to exchange depleted batteries for charged ones rather than wait for their motorcycles to recharge.
The company has introduced larger swap stations in Kenya and Rwanda as it expands its network. Laurène Aigrain, managing director of Africa Go Green Fund, said the additional financing reflected Spiro’s progress since the initial investment.
Spiro founder Gagan Gupta said the increased commitment showed investor confidence in the company, while group CEO Anant Badjatya said the funds would accelerate deployment in Uganda and Rwanda.
The latest financing gives Spiro additional debt capital as it expands its fleet and battery infrastructure across African markets, while taking Africa Go Green Fund’s cumulative commitment to the company to $36 million.
