Spiro, Africa’s leading electric two-wheeler and battery-swapping company, has raised $100 million in new funding — marking the largest-ever investment in Africa’s electric mobility sector.
The round was led by The Fund for Export Development in Africa (FEDA), the impact investment arm of Afreximbank, which contributed $75 million.
The new capital will help Spiro expand its battery-swapping infrastructure, strengthen its technology platform, and push past 100,000 deployed vehicles by the end of 2025 — a fourfold increase year over year.
Why It Matters:
Africa’s motorcycle market, long dominated by petrol-powered engines, is undergoing a clean-energy shift. Spiro’s battery-swapping model — which lets riders exchange depleted batteries for charged ones in minutes — is addressing pain points around affordability, energy access, and sustainability.
“For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability,” said Kaushik Burman, CEO of Spiro.
“This $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy,” he added.
The Bigger Picture
FEDA’s investment signals strong institutional confidence in Africa’s clean mobility transition. Afreximbank President Prof. Benedict Oramah said the partnership would “lay the groundwork for a new era of intra-African trade and industrialization,” by stimulating local vehicle manufacturing and reducing dependence on imported second-hand vehicles.
By the Numbers:
- $100 million total investment (including $75M from FEDA)
- 100,000+ vehicles expected by end of 2025
- 6 African countries currently operating (Kenya, Uganda, Rwanda, Nigeria, Benin, Togo)
- 2 pilot markets recently added (Tanzania and Cameroon)
- $180 million+ previously raised from Equitane and Société Générale
The Expansion Plan
Spiro plans to use the new funding to deepen its infrastructure footprint and integrate renewable energy into its operations. The company aims to link clean energy generation with mobility, creating a scalable energy distribution model across Africa.
“Spiro’s success shows that Africa can lead in clean, affordable transport innovation,” said Gagan Gupta, Founder of Spiro.
“As we expand our swapping stations and tap renewable energy sources, we’re unlocking a new chapter in sustainable mobility,” he added.
Source: Kenyan Wallstreet
Learn more about other African tech startups on Labari Insights, our data repository for tech in Africa: insights.techlabari.com
