Spiro Raises $215M Equity to Expand EV Network in Africa

BREAKING NEWSJune 2, 2026 at 10:30 AM UTC

TLDR

Electric vehicle and battery-swapping company Spiro secures $215 million in equity financing for expanding infrastructure in Africa with support from existing and new investors.
Spiro, operating in multiple African countries, plans to expand its battery-swapping network, manufacturing capacity, technology development, and market reach.
Founder Gagan Gupta highlights the deployment of over 100,000 electric vehicles and 2,500 battery-swapping stations across seven markets, focusing on promoting sustainable transportation and energy services.

Spiro, an electric vehicle and battery-swapping company operating across Africa, has raised $215 million in equity financing to expand its transport and energy infrastructure across the continent.

The funding came from existing backers, including FEDA, alongside new investors from Europe and Africa. The company said the capital will be used to expand its battery-swapping network, increase manufacturing and assembly capacity, develop new technology and support entry into additional markets.

Spiro operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon and plans to expand into the Democratic Republic of Congo and Ethiopia. The company has manufacturing facilities in Kenya, Rwanda and Uganda, as well as a battery recycling plant in Nigeria.

Founder Gagan Gupta said the company has deployed more than 100,000 electric vehicles and 2,500 battery-swapping stations across its seven markets. He said the new funding would help Spiro provide transport and energy services to more riders while supporting local manufacturing and job creation. Lars Bo Bertram, chief executive officer of Impact Fund Denmark, said the investment reflects confidence in the growth potential of electric mobility in Africa and its climate benefits.

The investment comes as governments and businesses across Africa seek alternatives to imported fuel amid rising transport demand and urban growth. Electric motorcycles are gaining traction in several African markets because they offer lower operating costs for riders and can reduce fuel imports while supporting domestic manufacturing and energy infrastructure.

Key Takeaways

Africa is emerging as one of the fastest-growing markets for electric two-wheelers, driven by the dominance of motorcycle taxis in urban transport. Industry estimates show that millions of commercial motorcycles operate across the continent, particularly in East and West Africa. Battery swapping has become a preferred model because riders can replace depleted batteries in minutes instead of waiting hours for charging. Spiro has become one of the largest players in this segment, building a network that combines vehicle deployment, battery management and energy infrastructure. The company's latest funding round signals growing investor interest in African climate and infrastructure projects at a time when global venture funding has slowed. The investment also highlights a broader shift toward electrified transport systems that can lower fuel import bills, reduce exposure to oil price swings and support local industrial development. As countries expand renewable energy generation, battery-swapping networks could also play a role in energy storage and grid support, linking transport infrastructure with broader energy transition goals across the continent.

Venture Capital