Spiro Secures Additional USD 55 M, Taking Latest Round To USD 270 M

African electric mobility company Spiro has secured an additional USD 55 M equity investment from Chinese investor NewTrails Capital, bringing its latest funding round to USD 270 M.

Founded in 2022 by Gagan Gupta, Spiro operates one of Africa’s largest electric motorcycle and battery-swapping networks, serving markets including Nigeria, Kenya, Uganda, and Rwanda. The new investment follows a USD 215 M equity raise announced earlier this month and takes the company’s total disclosed funding to approximately USD 557 M.

Spiro plans to use the capital to expand its battery-swapping infrastructure, manufacturing operations, and energy network across Africa. The company says it has deployed more than 100,000 electric vehicles and built over 2,500 battery-swapping stations across seven countries, positioning itself as a leader in Africa’s clean mobility transition.