Kenya-based Spiro, a leader in two-wheel transportation and battery-swapping, has raised US$50 million in funding as demand for its battery-swapping infrastructure and electric vehicles surges across Africa.
Spiro is Africa’s largest electric mobility company, operating the continent’s most extensive and quickest growing network of battery-swapping for electric two-wheel vehicles. It has operational assembling facilities in Uganda, Kenya, Nigeria and Rwanda.
With more than 60,000 electric motorcycles, over 1,200 battery swapping stations and more than 26 million battery swaps to date, Spiro has achieved over 800 million kilometres of low-carbon emissions travel, the company is substituting expensive imported fossil fuel- based transportation with affordable, accessible and sustainable solutions.
Disrupt Africa reported in October of last year the company had raised a US$100 million funding round to boost its expansion, and it has now followed that up with a US$50 million round. This features debt funding from Afreximbank, and two new investors – Nithio and Africa Go Green Fund managed by Cygnum Capital.
The new capital will support the continued expansion of Spiro’s industest-leading battery-swapping network across existing and new markets, while further advancing the company’s proprietary technology platform, including automated battery swaps, quick charging, and renewable energy integration.
“Demand for Spiro’s innovative, industest-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” stated Kaushik Burman, CEO of Spiro. “With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”
Laurène Aigrain, managing director of Africa Go Green Fund, stated Spiro had built a strong platform that is delivering tangible impact across multiple African markets.
“We are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure. This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact,” he stated.
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