Spiro Raises $215 Million to Expand Battery-Swap Electric Motorcycles in Africa
The African electric vehicle company announced the equity round on Monday. Institutional investors from Europe and Africa participated, including Denmark’s Impact Fund.
The IndependentSpiro announced Monday that it had raised $215 million in equity financing to expand its battery-swapping network and electric mobility operations across Africa. The round drew institutional investors from Europe and Africa, including Denmark’s Impact Fund. Gagan Gupta, founder of Spiro and chair of Equitane, said the past year marked a defining strategic milestone for the company.
He added that the next growth phase would focus on delivering transport alternatives to millions of riders across the continent. Spiro operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. The company runs manufacturing plants in Kenya, Rwanda and Uganda, and maintains a battery recycling facility in Nigeria.
The new capital will support expansion of the battery-swapping network, strengthen local manufacturing and assembly operations, and accelerate entry into the Democratic Republic of Congo and Ethiopia. Spiro did not disclose the valuation tied to the round. Lars Bo Bertram, CEO of Impact Fund Denmark, said the investment reflected confidence in Africa’s electric mobility market.
Riders using Spiro’s electric motorcycles can cut daily transport costs by up to 40 percent and save as much as $2 per day compared with gasoline-powered models. The company is also developing solar-powered battery-swapping stations and second-life battery storage systems.
Electric motorcycles are emerging as a major growth segment in Africa, where two-wheelers dominate urban transport and delivery services in many cities.
The funding comes as African countries seek to reduce dependence on imported fossil fuels, improve energy security and modernize urban transportation amid rising fuel prices and growing demand for affordable mobility.
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