Nairobi-based electric mobility platform Spiro announced that it has raised $215 million in an equity investment round, with the new financing to be used to scale its electric bike and battery-swapping infrastructure across Africa.
Founded in 2019, Spiro provides electric transportation solutions, designed around swappable batteries, aimed at accelerating the electrification of mobility across Africa, as well as reducing carbon emissions, and expanding access to affordable, sustainable transportation. The company currently has 100,000 electric motorcycles on the road and over 2,500 swapping stations, with more than 30 million battery swaps performed to date.
According to the company, the new funding round comes as African economies push to reduce dependence on imported fuel, strengthen energy and industrial sovereignty, and modernize urban transportation systems.
Spiro said:
“Reducing dependence on imported fuel, strengthening energy and industrial sovereignty and modernizing urban transport systems are becoming strategic priorities across the continent, positioning EV infrastructure as a key pillar of Africa’s economic resilience and industrial development.”
The company said that the impact of operating one of its electric vehicles is immediate, with a reduction in daily mobility costs of up to 40%, generating savings of up to $2 per day compared to fossil-fuel motorcycles.
According to the company, an independently verified lifecycle assessment of its operations in Kenya found that electric bikes deliver a 72% reduction in climate impact compared to fossil-fuel motorcycles, equivalent to approximately 19 tons of CO₂ emissions avoided over a vehicle’s lifespan. The study also found an 80% reduction in ozone depletion potential and a 20% reduction in particulate matter emissions, underscoring how electric mobility can improve urban air quality and reduce public health risks across rapidly growing cities.
The company’s industrial footprint includes manufacturing plants in Kenya, Rwanda, and Uganda, and a state-of-the art battery recycling facility in Nigeria.
Spiro said that the new capital will support the expansion of its battery-swapping network, manufacturing footprint, and next-generation electric vehicle infrastructure across high-growth African markets.
The funding round attracted commitments from institutional investors, including Impact Fund Denmark and Equitane.
Gagan Gupta, Founder of Spiro and Chairman of Equitane said:
“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… Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
