Spiro, an African electric vehicle (EV) company focused on advancing clean mobility across the continent, has secured an additional $55 million investment from NewTrails Capital.
The fresh capital injection brings the company’s latest funding round to a total of $270 million, following an earlier announcement of a $215 million raise just days prior.
According to the company, the latest investment represents a significant vote of confidence in its long-term vision of scaling electric mobility infrastructure across Africa.
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It noted that it also underscores growing investor belief in the continent’s emerging new energy and sustainable transport ecosystem.
According to the development, NewTrails Capital, a Chinese investment fund with a focus on Africa’s green technology space, is expected to support Spiro in leveraging global supply chains to accelerate the deployment of electric mobility solutions.
“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion,” founder and chairman Gagan Gupta said in a statement on Monday.
Also commenting, Yufan Zhang, Founding Partner of NewTrails Capital said,
“Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition”.
The partnership is positioned to strengthen Africa’s transition toward cleaner, more efficient transportation systems.
Spiro described the investment as more than a financing milestone, emphasizing that it reflects increasing validation of its infrastructure, operational progress, and long-term opportunity within Africa’s mobility sector.
The company noted that what was once seen as an ambitious concept is now gradually becoming part of Africa’s evolving transportation reality.
With continued backing from investors and strategic partners, Spiro stated that it remains committed to expanding its footprint and advancing the adoption of electric mobility across African markets.
Founded in 2022 by Gagan Gupta, Spiro shifts from assembly to component production, aiming to build industrial capacity and reduce reliance on imports in Africa’s growing EV market.
The EV company is dedicated to enhancing livelihoods through sustainable energy by leading the large-scale electrification of mobility across Africa.
It provides innovative, eco-friendly, affordable electric transportation solutions that transform urban mobility, reduce carbon emissions, and promotes a cleaner environment. Driven by sustainability and innovation, its advanced battery-swapping technology ensures convenience and accessibility for all.
Notably, Spiro’s electric motorbikes help to significantly reduce carbon emissions compared to traditional petrol-powered vehicles. By deploying 20,000 electric bikes, the company is directly contributing to cleaner air and a healthier environment in the countries we operate in.
Spiro’s partnership with recycling facilities ensures that batteries are disposed of or recycled responsibly, minimizing environmental impact.
The company has also attracted backing from investors including Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank and the Africa Go Green Fund.
Efforts at Spiro have received global recognition, highlighting its impact and potential for continued growth and innovation.
The company was part of the finalists 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.
Spiro is positioning local manufacturing as the next stage of its African electric-mobility expansion, setting a target to produce 90% of its vehicle components on the continent by the first quarter of 2027.