Firm Secures $215m Equity Funding To Accelerate EV Expansion Across Africa

Mobility company, Spiro, has secured a landmark $215 million equity investment to accelerate the expansion of its electric vehicle (EV) and battery-swapping infrastructure across the continent.

The funding round, backed by major institutional investors including Impact Fund Denmark and Equitane, marks one of the largest investments in Africa’s emerging electric mobility sector and underscores growing global confidence in scalable clean-energy infrastructure across developing markets.

In a statement, Spiro said the new capital would be deployed to expand its battery-swapping network, strengthen its industrial and assembly operations, accelerate technology development and support entry into new high-growth African markets.

The investment builds on support from existing institutional partners, including the Fund for Export and Development in Africa (FEDA), and positions the company for the next phase of its pan-African growth strategy.

Having spent years refining its products, technology and energy ecosystem, Spiro said it has moved beyond the proof-of-concept stage and is now focused on scaling operations across the continent.

The company currently operates in seven African countries, Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon—and plans to expand into additional markets such as the Democratic Republic of Congo and Ethiopia.

As African governments seek to reduce dependence on imported fuel, strengthen energy security and modernise urban transportation systems, electric mobility is increasingly attracting investor interest.

Rising fuel costs, growing demand for affordable transportation and supportive clean-energy policies have further strengthened the case for electric vehicle adoption across the continent.

According to Spiro, riders using its electric vehicles can cut daily transportation costs by as much as 40 per cent, translating to savings of up to $2 per day compared to conventional fossil-fuel motorcycles.

Recent independent lifecycle assessment results conducted on the company’s operations in Kenya also highlighted the environmental benefits of its electric mobility model. The study found that Spiro’s electric motorcycles generate 72 per cent lower climate impact than fossil-fuel alternatives, preventing approximately 19 tonnes of carbon dioxide emissions over a vehicle’s lifespan.

The assessment further reported an 80 per cent reduction in ozone depletion potential and a 20 per cent decline in particulate matter emissions, reinforcing the role of electric mobility in improving urban air quality and public health outcomes.

Spiro said it is building one of Africa’s most advanced EV and battery-swapping ecosystems through investments in manufacturing, technology and renewable energy infrastructure.

Commenting on the investment, Founder of Spiro and Chairman of Equitane, Gagan Gupta, described the funding as a major milestone in the company’s growth journey.

He noted that Spiro has deployed over 100,000 electric vehicles and 2,500 smart battery-swapping stations across its seven operating markets, while creating approximately 6,000 direct and indirect jobs.

“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality,” Gupta said.

He added that the company is entering a new phase of expansion aimed at delivering clean, affordable transport and energy solutions to millions of Africans.

Also commenting, Chief Executive Officer of Impact Fund Denmark, Lars Bo Bertram, said the investment reflects confidence in both Spiro’s commercial prospects and the long-term growth potential of Africa’s electric mobility sector.

“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,” Bertram said.