Spiro Raises USD 215 M To Expand Electric Motorcycle Battery-Swapping Network In Africa

Spiro, an Africa-focused electric mobility company, has raised USD 215 M in equity financing to expand its battery-swapping network, manufacturing operations, and energy infrastructure across the continent.

The round was backed by investors including Impact Fund Denmark and Equitane, coming just four months after a USD 50 M debt raise and less than a year after a USD 100 M equity round led by FEDA.

Founded in 2022 by Gagan Gupta, Spiro operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, providing electric motorcycles and battery-swapping infrastructure.

The company says it has deployed over 100,000 electric motorcycles and built more than 2,500 battery-swapping stations. The new funding will also support solar-powered swap stations, battery storage systems, and expansion into Ethiopia and DR Congo.