Spiro, one of the fastest-growing electric mobility (EV) companies in Africa, has announced the raise of a $215M investment round to accelerate the deployment of its electric mobility and battery-swapping infrastructure across Africa.
The company 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.
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Commenting on the round, 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.”
Following its recent raise of $215 million, Spiro got featured on the New York Stock Exchange’s iconic display cubes. The company stated that the recognition reflects growing international attention on its mission to expand access to affordable, reliable, and sustainable mobility solutions across Africa.
It wrote via a LinkedIn post,
“As one of the world’s leading financial institutions, the New York Stock Exchange sits at the heart of global capital markets. SPIRO has been distinguished on NYSE’s iconic cubes for its USD 215 Million equity raise.”
The EV company also highlighted its ongoing efforts to strengthen local industrial capacity and build the infrastructure needed to support long-term economic growth on the continent.
While the feature on the NYSE display does not imply a listing, it serves as a symbolic showcase of companies gaining traction within global capital markets.
Notably, the recent raise, follows a $50 million debt facility secured earlier this year and builds on a previous $100 million investment led by FEDA, underscoring growing investor confidence in businesses building the infrastructure layer of electric mobility.
Founded in 2022, Spiro currently operates across Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, with more than 100,000 electric motorcycles deployed and over 2,500 battery-swapping stations in operation.
The company has emphasized its environmental commitment, noting that its electric motorbikes contribute significantly to reducing carbon emissions when compared to traditional petrol-powered vehicles.
With the deployment of 20,000 electric bikes, it is actively supporting cleaner air and improved environmental conditions across the countries where it operates. It also highlighted its approach to battery management, explaining that its technology is designed with sustainability in mind.
Through partnerships with recycling facilities, Spiro ensures that used batteries are either properly recycled or responsibly disposed of, thereby reducing potential environmental harm.
In addition, the company is committed to promoting renewable energy integration within its infrastructure. Its charging stations and battery-swapping systems are being developed to incorporate renewable energy sources where possible, reducing dependence on fossil fuels and contributing to the growth of sustainable energy systems across Africa.
Efforts at Spiro have received global recognition, highlighting its impact and potential for continued growth and innovation.
The company was a finalist in the Disruptor of the Year category at the Africa CEO Forum, and was included in the Time 100 influential companies list, standing alongside global giants like Microsoft, Amazon, NVIDIA, SpaceX, Tesla, and BYD.
It has also received the Resilient Infrastructure Award at the Africa Sustainable Futures Awards, hosted by the Financial Times and World Bank. These accolades underscore its contributions to sustainable transportation.
Outlook
With its latest $215 million equity raise, Spiro is positioning itself for an aggressive expansion phase across Africa’s rapidly growing electric mobility market.
The company is expected to deepen its battery-swapping infrastructure, scale its electric motorcycle deployment, and strengthen local manufacturing capabilities to support rising demand.
As competition in Africa’s EV space intensifies, Spiro’s ability to scale infrastructure, maintain operational efficiency, and secure additional funding will be critical to sustaining its leadership position in the sector.