Spiro raises $100 million to power Africa’s electric mobility ambitions  

Spiro has raised $100 million just days after Lagos launched its $478 million Omi Eko electric ferry project.
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Spiro raises $100 million to power Africa’s electric mobility ambitions  
Photo: Spiro's electric bike Image source: Google
Quest Podcast Interview with Adia Sowho Click to watch

Africa’s clean mobility sector is on fire. Just days after Lagos announced its €410 million ($478 million) Omi Eko electric ferry project, Dubai-headquartered Spiro raised $100 million, marking the largest-ever investment in Africa’s e-mobility space.

The round was led by The Fund for Export Development in Africa (FEDA), the development arm of Afreximbank, and cements Spiro as the continent’s most ambitious electric motorbike company.

While Lagos is electrifying its waterways, Spiro is targeting the continent’s busiest roads. The company plans to deploy over 100,000 electric bikes across Africa by the end of 2025, a 400% year-on-year jump. Just two years ago, Spiro had only 8,000 bikes in Benin and Togo. Today, it is operating in six countries—Benin, Togo, Kenya, Rwanda, Uganda, and Nigeria—with more than 60,000 e-bikes and 1,500 battery-swap stations.

Spiro’s rapid growth is powered by its battery-swapping model, designed for African riders who can’t afford long charging times or high fuel costs. Motorcycle taxis—okadas in Nigeria and boda bodas in Kenya—are the backbone of urban popular transportation but often struggle with rising petrol prices.

“Drivers spend up to 12 hours on the road daily, burning through their savings on fuel,” said CEO Kaushik Burman, formerly of Taiwanese EV giant Gogoro. “With our battery-swapping system, they save money and avoid downtime.”

Spiro’s e-bikes cost around $800 (₦1.1 million), nearly 40% cheaper than traditional gasoline models, which cost from approximately $800 to over $1,500 (₦2.2 million), and operating costs are about 30% lower per kilometer. Riders typically save up to $3 (₦4,400) daily on fuel and maintenance, enough to build long-term savings or start small businesses.

Spiro earns from both bike sales and its swap network. Riders buy or lease bikes, pick up charged batteries at swap stations, and pay for energy use through a smart algorithm. Each swap station stores dozens of charged batteries, ensuring zero downtime. The company also uses renewables and energy storage to stay operational during blackouts. An advantage in regions with unstable power grids.

To meet demand, Spiro has established four assembly and manufacturing plants in Kenya, Nigeria, Rwanda, and Uganda. These facilities assemble bikes and key components such as traction motors, controllers, and batteries. The company aims to increase local sourcing from 30% to 70% within two years, including parts like plastics, helmets, and brake systems.

The latest $100 million investment follows over $180 million in earlier funding from Equitane Group and Société Générale. The new funds will go toward expanding Spiro’s battery-swapping network, manufacturing capacity, and R&D, as well as launching new pilots in Cameroon and Tanzania.

Quest Podcast Interview with Adia Sowho Click to watch