African electric mobility company Spiro has completed its latest funding round at $270 million following a $55 million investment from growth-stage investment firm NewTrails Capital.
The company said the financing will support the expansion of its battery-swapping network, manufacturing operations and electric vehicle infrastructure across several African markets.
New Investment Finalizes Funding Round
The latest investment was provided by NewTrails Capital, a growth-focused fund with operations in Shanghai, Shenzhen and Nigeria that invests in emerging markets.
The funding closes Spiro’s most recent capital raise, which also received backing from several institutional and impact investors, including the Fund for Export Development in Africa (FEDA), Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund.
Expanding Battery-Swapping Infrastructure
Spiro operates a battery-swapping network for electric two-wheelers, allowing riders to exchange depleted batteries for charged units rather than waiting for vehicles to recharge.
According to the company, it has deployed approximately 100,000 electric motorcycles across seven African markets and operates a network of more than 2,500 battery-swapping stations.
The company said its network has facilitated more than 30 million battery swaps to date.
Supporting Manufacturing and Localization
Spiro plans to use the new funding to expand industrial operations and strengthen local manufacturing and supply-chain capabilities.
The company said part of its strategy includes deeper collaboration with Chinese suppliers while increasing localization of production and infrastructure development in Africa.
Focus on Growth
Spiro said the latest funding will support the next phase of its expansion strategy as demand for electric mobility solutions continues to grow across the continent.
“Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase,” said Gagan Gupta, Founder of Spiro and Chairman of Equitane.
NewTrails Capital said the company’s operational model and infrastructure platform were key factors behind the investment.
“Spiro’s core strengths lie in its deeply localized operating capabilities, vertically integrated supply chain, digitally enabled ecosystem, sound unit economics, and strong ability to scale rapidly,” said Yufan Zhang, Founding Partner of NewTrails Capital.
Growing Electric Mobility Market
The investment comes as battery-swapping and electric two-wheeler networks continue to expand in emerging markets, particularly in regions where motorcycles play a significant role in urban transportation and commercial mobility.
Spiro said the additional capital will help accelerate deployment of charging and battery-swapping infrastructure while supporting broader electrification efforts across its operating markets.
