Pan-African electric mobility company, Spiro, has secured a total of $270 million in fresh funding from a consortium of European, African and Chinese investors to accelerate the expansion of its electric vehicle and battery-swapping infrastructure across Africa.
The company announced that it initially raised $215 million from institutional investors, including Impact Fund Denmark, Equitane and the Fund for Export Development in Africa (FEDA), which participated as a returning investor.
The funding round was later boosted by an additional $55 million investment from China’s NewTrails Capital, bringing the total capital raised in the latest round to $270 million.
With the new investment, Spiro’s cumulative disclosed funding has surpassed $500 million, underscoring growing investor confidence in Africa’s electric mobility sector.
The company said the funds would support the expansion of its network of electric motorcycles and battery-swapping stations across the continent.
Spiro currently operates more than 100,000 electric vehicles and over 2,500 battery-swap stations in seven African countries, including Nigeria.
The company’s business model allows riders to exchange depleted batteries for fully charged ones within minutes, eliminating long charging times and reducing dependence on unreliable electricity supply.
Speaking on the investment, Spiro founder, Gagan Gupta, said the company was entering its “next growth chapter” aimed at delivering affordable and cleaner transportation solutions to millions of riders across Africa.
Industry observers noted that the participation of institutional investors, including pension-backed funds, highlights the growing perception of electric mobility infrastructure as a long-term investment opportunity comparable to traditional infrastructure assets such as power plants and transport networks.
Nigeria remains a key market for the company, given its large motorcycle transportation sector. Spiro already operates a battery recycling facility in the country and is positioning itself to benefit from increasing demand for cost-effective transportation alternatives following the removal of fuel subsidies and rising petrol prices.
Analysts also said wider adoption of electric motorcycles could help reduce Nigeria’s fuel import bill and ease pressure on foreign exchange demand by lowering petrol consumption in the transport sector.
Beyond Nigeria, Spiro has established manufacturing facilities in Kenya, Rwanda and Uganda, alongside a research and development centre in Nairobi, as it continues to build an integrated electric mobility ecosystem across Africa.
