African electric mobility company Spiro has raised $215 million in an equity financing round to accelerate the expansion of its electric vehicle operations and battery-swapping infrastructure across the continent.
The company said the new funding will be used to expand its presence in existing markets, enter new countries, strengthen manufacturing and assembly capabilities, and advance technology development initiatives.
Investors Back Expansion Strategy
The investment round attracted institutional investors from Africa and Europe, including Impact Fund Denmark and Equitane. Spiro also highlighted continued support from existing investor FEDA, the development impact investment arm of Afreximbank.
The company did not disclose the full list of investors participating in the transaction or identify a lead investor.
According to Spiro, the financing reflects growing investor confidence in Africa’s electric mobility sector as governments and businesses seek alternatives to fossil fuel-powered transportation.
Focus on EVs and Battery-Swapping Infrastructure
Spiro operates what it describes as Africa’s largest battery-swapping network for electric motorcycles.
The company said the latest funding will support the deployment of additional electric vehicles and expansion of its battery-swapping ecosystem, which is designed to reduce charging downtime for riders.
Spiro estimates that riders using its platform can reduce daily transportation costs by as much as 40% compared with conventional gasoline-powered motorcycles.
Operations Span Seven African Markets
The company currently operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon.
Spiro plans to expand further into additional markets, including the Democratic Republic of Congo and Ethiopia, as it seeks to broaden its footprint across the continent.
Its industrial network includes manufacturing facilities in Kenya, Rwanda and Uganda, as well as a battery recycling plant in Nigeria.
The company recently announced plans to establish a research and development center in Kenya to support future product and technology development.
Company Highlights Growth Milestones
Gagan Gupta, Founder of Spiro and Chairman of Equitane, said the company has reached a significant stage in its growth strategy.
“This past year marked a defining strategic milestone for Spiro.”
“Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality,” Gupta said.
He added that the company has created approximately 6,000 direct and indirect jobs across its operating markets.
“We are entering our next growth chapter” to provide “clean, cost-effective energy and transport alternatives to millions of riders across the continent,” Gupta said.
Investors Cite Growth and Climate Benefits
Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark, said the investment was driven by both commercial and environmental considerations.
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact.”
Recent Funding and Acquisition Activity
The latest financing follows a series of strategic moves by the company.
In March 2026, Spiro secured $50 million in credit facilities from Afreximbank, Nithio and the Africa Go Green Fund, managed by Cyngum Capital, to support the expansion of its electric motorcycle and battery-swapping operations.
The company also acquired motorcycle engineering specialist Coexlion to strengthen product development and increase localization of electric two-wheelers for African markets.
Earlier, in October 2025, Spiro raised $100 million in a funding round led by FEDA, which the company described as the largest financing round secured by an electric mobility company in Africa at the time.