• Spiro raises $50 million to expand battery-swapping network

• Afreximbank, AGG and Nithio back funding round

• Company deployed 80,000 e-motorcycles across six countries

Spiro, an African leader in electric two-wheel mobility, announced Tuesday, Feb. 24, a $50 million funding round to expand its operations across the continent.

The round was backed by the African Export-Import Bank, Afreximbank, and two new investors: the Africa Go Green Fund, AGG, and Nithio.

The Africa Go Green Fund, launched by German development bank KfW, supports projects that reduce greenhouse gas emissions in Africa. It is managed by emerging markets investment bank Cygnum Capital Group.

Nithio is a climate-focused fintech platform that invests in clean energy companies.

The new capital will support the continued rollout of Spiro’s battery-swapping network in existing and new markets. It will also strengthen the startup’s proprietary technology platform, including automated battery swapping, fast charging and renewable energy integration.

An innovative business model

Spiro allows customers to swap depleted motorcycle batteries at stations located across urban and rural areas instead of waiting for them to recharge.

“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” Chief Executive Officer Kaushik Burman said in a statement. “This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”

“Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,” AGG Managing Director Laurène Aigrain said.

80,000 electric motorcycles deployed

Spiro operates in six African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, and is running pilot projects in Cameroon and Tanzania.

The company previously raised $100 million in October 2025. That round, the first of its kind in Africa’s electric two-wheeler sector, included a $75 million commitment from the Fund for Export Development in Africa, FEDA, Afreximbank’s impact investment arm.

Spiro says it has deployed more than 80,000 electric motorcycles, installed over 2,500 battery-swapping stations and completed more than 30 million battery swaps, enabling riders to travel more than one billion kilometers with lower carbon emissions.

Founded in 2019 and backed by the Equitane Group, led by Indian businessman Gagan Gupta, Spiro operates vehicle assembly plants in Uganda, Kenya, Nigeria and Rwanda.

Walid Kéfi