Kenya-based electric mobility company Spiro has secured $50 million in new funding to expand its battery-swapping network and electric two-wheeler operations across Africa.
The round includes debt financing from Afreximbank and participation from Nithio and Africa Go Green Fund, managed by Cygnum Capital. It follows a $100 million raise announced last year.
Spiro operates assembly facilities in Uganda, Kenya, Nigeria and Rwanda. The company says it has deployed more than 60,000 electric motorcycles and installed over 1,200 battery-swapping stations across its markets.
To date, it reports completing more than 26 million battery swaps and facilitating over 800 million kilometres of electric travel.
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The fresh capital will be used to expand battery-swapping infrastructure in existing and new markets and to advance its proprietary technology platform, including automated battery swaps, fast charging and renewable energy integration.
Key Takeaways
Spiro’s funding underscores growing investor appetite for electric mobility infrastructure in Africa, particularly models tailored to commercial two-wheel transport. Motorcycle taxis and delivery riders represent a large segment of urban transport across African cities. Battery-swapping models reduce upfront vehicle costs and minimize downtime compared with traditional charging. Debt participation from development finance institutions signals institutional confidence in the scalability of electric mobility as both a commercial and climate-aligned investment. However, expansion will depend on infrastructure density, grid reliability and continued demand from riders seeking lower operating costs amid fuel price volatility. Spiro’s rapid growth positions it as a leading player in Africa’s electric two-wheeler market, as investors increasingly back energy networks designed around local transport realities.
