Spiro Raises $215M for African EV Network Expansion

Spiro, a prominent player in Africa's burgeoning electric mobility sector, has successfully closed a substantial $215 million equity funding round. This significant capital infusion is earmarked for accelerating the expansion of its continent-wide battery-swapping infrastructure, bolstering its electric vehicle manufacturing capabilities, and growing its fleet of electric motorcycles.

The investment was led by Impact Fund Denmark, Denmark's state-backed development finance institution, and Equitane, the investment vehicle established by Spiro's chairman, Gagan Gupta. This latest funding brings Spiro's cumulative capital raised to over $343 million, underscoring strong investor confidence in its ambitious growth strategy across the African continent. The company previously secured a $100 million equity round in October 2025, led by Afreximbank’s FEDA, and a $50 million debt facility earlier in 2026.

Lars Bo Bertram, CEO of Impact Fund Denmark, highlighted the strategic rationale behind the investment, stating, "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." This sentiment aligns with the growing global trend of impact investing, where financial returns are coupled with positive environmental and social outcomes.

Spiro's operational footprint currently spans Kenya, Rwanda, Uganda, Nigeria, Togo, Benin, and Cameroon. The company boasts an impressive network, with 100,000 electric motorcycles already in operation, supported by 2,500 battery swap stations. To date, Spiro has facilitated over 30 million battery swaps, demonstrating the scalability and efficiency of its model. The company also operates manufacturing facilities in Kenya, Rwanda, and Uganda, alongside a battery recycling plant in Nigeria, with plans to extend its reach into Ethiopia and the Democratic Republic of Congo.

The economic benefits for riders are substantial. Spiro's electric motorcycles enable users to reduce daily transportation expenses by up to 40%, translating to savings of approximately $2 per day compared to traditional petrol-powered alternatives. Furthermore, the environmental advantages are significant. A lifecycle assessment conducted in Kenya revealed that Spiro's motorcycles generate 72% lower emissions than their fossil fuel counterparts, preventing an estimated 19 tonnes of CO₂ per vehicle over its operational lifespan.

This funding arrives at a pivotal moment for Africa's electric two-wheeler market, which experienced nearly a 40% surge in sales in 2024. In Kenya, electric motorcycles represented 15.3% of new registrations in 2025, a dramatic increase from just 0.5% in 2021. Industry projections estimate the African electric two-wheeler market will expand from $441 million in 2023 to over $2.6 billion by 2031. With approximately 25 million motorcycles currently in use across Africa, a figure significantly lower than India's 320 million despite comparable population sizes, Spiro is strategically positioned to capture a substantial share of this vast, untapped market potential.