African electric mobility company Spiro has raised $215 million in equity financing to expand its electric vehicle fleet, battery-swapping infrastructure and energy operations across the continent. The company had already raised $50 million earlier this year, as we reported in March.
The funding round will support the company’s next phase of growth as it scales electric mobility and energy infrastructure in seven African markets and enters new countries, including the Democratic Republic of Congo and Ethiopia.
Spiro operates electric motorcycles and battery-swapping networks in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. The company said it has deployed more than 100,000 electric vehicles and established over 2,500 battery-swapping stations across the continent.
“This past year marked a defining strategic milestone for Spiro,” said Gagan Gupta, founder of Spiro and chairman of Equitane.
“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 the company’s next phase of expansion would focus on bringing electric transport solutions to a wider population across Africa.
The latest financing follows a series of major fundraising rounds by the company, including a $100 million investment announced in October 2025 and a further $50 million debt financing package secured earlier this year. Together, those investments have positioned Spiro as one of the largest recipients of electric mobility funding in Africa.
According to the company, the new capital will be used to expand its battery-swapping network, increase local manufacturing and assembly capacity, and support the deployment of additional energy infrastructure. Spiro is also developing solar-powered battery-swapping stations and second-life battery energy storage systems.
Spiro: facilities in Kenya, Rwanda, Uganda and Nigeria
The company operates assembly facilities in Kenya, Rwanda, Uganda and Nigeria, alongside battery recycling operations in Nigeria.
Lars Bo Bertram, chief executive officer of Denmark’s Impact Fund, one of the investors participating in the financing round, said the investment reflected confidence in the continent’s growing electric mobility sector.
The funding comes amid increasing interest in Africa’s two-wheeler electrification market, where motorcycles play a central role in passenger transport, delivery services and informal mobility networks. Analysts view battery swapping as a particularly important model in African markets because it reduces charging times and lowers the upfront cost of vehicle ownership.
Spiro said riders using its electric motorcycles can reduce operating costs by up to 40% compared with petrol-powered alternatives, saving as much as $2 per day.
The company said it intends to continue expanding its integrated approach to electric mobility, encompassing vehicle assembly, battery swapping, battery recycling and energy infrastructure development.
The $215 million raise is one of the largest equity financings yet secured by an African electric mobility company and highlights growing investor interest in battery-powered transport and distributed energy infrastructure across emerging markets.
Photo: an electric motorbike outside a battery-swapping station in Jinja, Uganda
Credit: Spiro
