Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has doubled its financing commitment to Spiro, injecting an additional $18 million into the African electric mobility company less than a year after its first investment.
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential,” Laurène Aigrain, Managing Director of Africa Go Green Fund, said, adding that the company is addressing transport emissions and rider costs at the same time.
The new capital brings its total disclosed funding to approximately $575 million and AGG’s total commitment to Spiro to $36 million. It builds on a debt facility closed in December 2025, in which AGG committed $18 million, and Nithio committed $7 million. AGG also led the structuring of that original transaction.
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The fresh financing will fund the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda, two of the seven African markets where the company operates.
Spiro has now deployed more than 135,000 electric motorcycles and completed over 50 million battery swaps across the continent, according to the company. It has also launched mega battery-swap stations in Kenya and Rwanda to make battery access faster and more reliable for riders.
Spiro founder Gagan Gupta called the increased commitment a vote of confidence in the company’s growth model, while Group CEO Anant Badjatya said the funding would help the company build network density in Uganda and Rwanda specifically.
AGG’s investment falls within its broader mandate to finance businesses that reduce greenhouse gas emissions in Africa.
The fund was established by KfW, Germany’s state-owned development bank, with backing from Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), the African Development Bank, IFC, Nordic Development Fund, British International Investment, Calvert Impact Capital, Monday Charitable Trust, Swedfund, and DEG and currently has $232 million in committed capital.
Cygnum Capital, AGG’s manager, is a frontier and emerging markets investment bank and asset manager formerly known as Lion’s Head. It manages seven funds, including AGG, and has more than $1.44 billion in assets under management across 38 African countries.
Last updated: September 21, 2026
