Spiro raises $215M to scale Africa’s largest battery-swapping network

Spiro, an African electric mobility company, has closed a $215 million equity round to expand its battery-swapping infrastructure and electric vehicle fleet.

The round is backed by Impact Fund Denmark, Denmark’s state development finance institution, and Equitane, the long-term investment platform founded by Spiro chairman Gagan Gupta.

The round brings the company’s total funding to more than $343 million across seven rounds. It follows a $100 million equity raise led by Afreximbank’s FEDA in October 2025 and a $50 million debt facility secured in February 2026.

“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” said Lars Bo Bertram, CEO of Impact Fund Denmark. “That is exactly the type of investment we want to make.”

Spiro operates in Kenya, Rwanda, Uganda, Nigeria, Togo, Benin, and Cameroon. The company says it has 100,000 electric motorcycles on the road, 2,500 battery swap stations, and has completed more than 30 million battery swaps.

It runs manufacturing plants in Kenya, Rwanda, and Uganda, and a battery recycling facility in Nigeria. The company plans to expand into Ethiopia and the Democratic Republic of Congo.

According to Spiro, riders using its motorcycles spend up to 40% less on daily transport costs, saving about $2 per day compared to petrol-powered bikes.

A lifecycle assessment of its operations in Kenya found that Spiro’s motorcycles generate 72% lower emissions than petrol alternatives, preventing about 19 tonnes of CO₂ per vehicle over its lifetime.

The funding comes as Africa’s electric motorcycle market continues to grow. Electric two-wheeler sales increased by nearly 40% in 2024. In Kenya, electric motorcycles accounted for 15.3% of new registrations in 2025, up from 0.5% in 2021.

The African electric two-wheeler market is expected to grow from $441 million in 2023 to more than $2.6 billion by 2031.

Africa has about 25 million motorcycles, far fewer than India’s 320 million, despite similar population sizes. Spiro sees this gap as a major growth opportunity.

The company will use the new funding to build more battery swap stations, develop new technologies, and expand into additional markets.

Last updated: June 1, 2026