Spiro Secures $100M Funding, Breaking Records in Africa’s E-Mobility Sector

Spiro, Africa’s leading electric vehicle (EV) company, has made history by securing $100 million in new funding, setting a record for the largest single investment in the continent’s e-mobility sector. The landmark deal underscores both investor confidence in Africa’s clean transport future and Spiro’s rapid ascent as a regional powerhouse in sustainable mobility.

Headquartered in Nairobi, Kenya, and operating in eight coun...

Headquartered in Nairobi, Kenya, and operating in eight countries—Kenya, Uganda, Tanzania, Rwanda, Nigeria, Benin, Togo, and Cameroon—Spiro has become synonymous with innovation in electric two-wheelers and battery-swapping infrastructure[3][9]. The company’s latest funding round, which brings its total raised to well over $200 million, will fuel an ambitious expansion plan aimed at deploying hundreds of thousands of electric motorcycles and building out one of the world’s largest battery swap networks[3][9].

## A Continent in Transition

Africa’s transportation sector is at a pivotal moment. Risin...

Africa’s transportation sector is at a pivotal moment. Rising fuel costs, urban congestion, and the urgent need to cut carbon emissions have created fertile ground for electric mobility solutions. Spiro’s model—affordable electric motorcycles supported by a dense network of battery swap stations—has resonated deeply with gig workers, delivery riders, and small business owners who rely on two-wheelers for their livelihoods[7]. Unlike imported solutions, Spiro’s vehicles and infrastructure are designed for Africa’s unique terrain, economic realities, and payment ecosystems, including mobile money platforms for the unbanked[3][7].

## Breaking Down the Deal

The $100 million investment is a mix of equity and debt, wit...

The $100 million investment is a mix of equity and debt, with participation from international financial institutions and development finance organizations. While specific investors have not been disclosed in this round, previous backers include Société Générale, GuarantCo, and the African Export-Import Bank (Afreximbank)[3][4][14]. The new capital will accelerate Spiro’s manufacturing capacity, allowing the company to open additional assembly plants and scale local production of key components, such as motors and controllers[9]. This local focus not only reduces costs but also creates jobs and stimulates ancillary industries across the continent.

Spiro’s CEO, Kaushik Burman, emphasized the transformative p...

Spiro’s CEO, Kaushik Burman, emphasized the transformative potential of the funding: “This investment is a vote of confidence in Africa’s ability to lead the global transition to clean mobility. We’re not just building vehicles; we’re building ecosystems—local manufacturing, skills training, and inclusive economic growth.”[9]

## Scale and Impact

With over 35,000 electric motorcycles already on the road an...

With over 35,000 electric motorcycles already on the road and more than 60,000 lithium-iron-phosphate (LFP) batteries deployed across its swap network, Spiro is now the largest EV company in Africa by vehicles deployed and the fastest-growing battery swapping operator on the continent[9]. The company’s infrastructure has facilitated over 20 million battery swaps to date, making it the world’s second-largest battery swap operator by volume[9]. This activity has already averted an estimated 33,000 tonnes of CO₂ emissions, a figure set to rise sharply as the fleet expands[9].

The new funding will support the rollout of at least 100,000...

The new funding will support the rollout of at least 100,000 additional electric motorcycles and thousands of new swap stations, with a particular focus on underserved urban and peri-urban areas. Spiro is also eyeing expansion into South Africa, where high fuel costs and growing interest in clean transport present a significant opportunity[12].

## A Model for the Future

What sets Spiro apart is its commitment to co-creation with...

What sets Spiro apart is its commitment to co-creation with African communities. The company works closely with riders, local governments, and financial partners to ensure its solutions are accessible, affordable, and sustainable[7]. Spiro’s assembly plants—already operational in Kenya, Rwanda, Uganda, and Nigeria—are not just production sites but hubs for skills development and economic inclusion[9]. The company has also launched Africa’s first all-women EV assembly line in Togo, further demonstrating its commitment to gender equity in the green economy[10].

As Africa’s e-mobility sector awakens, Spiro’s record-breaki...

As Africa’s e-mobility sector awakens, Spiro’s record-breaking funding round signals a new era of homegrown innovation and climate leadership. The company’s success shows that the transition to electric mobility is not only possible in Africa but can be driven by African ingenuity, investment, and ambition[6][7][9]. With $100 million in fresh capital and a clear roadmap for growth, Spiro is poised to redefine urban transport across the continent—and beyond.