Just four months after securing a landmark $100 million investment, the largest ever in Africa’s two-wheel electric mobility sector, Spiro has raised an additional $50 million in debt funding to accelerate expansion of its battery swapping infrastructure across the continent.
The new funding comes from Afreximbank, alongside new investors Nithio and Africa Go Green Fund, managed by Cygnum Capital.
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In October 2025, Spiro announced the $100 million round, including a $75 million contribution from The Fund for Export Development in Africa (FEDA), Afreximbank’s development investment arm.
Since the October raise, Spiro has continued aggressive expansion across its six core markets, Kenya, Uganda, Rwanda, Nigeria, Benin and Togo.
The company now reports over 80,000 electric motorcycles deployed, more than 2,500 battery swapping stations, over 30 million completed battery swaps and more than 1 billion CO2-free kilometres travelled.
The new $50 million will support expansion of swap stations across new and existing markets, further development of automated battery swapping technology, integration of renewable energy into swap infrastructure and fast-charging and proprietary platform enhancements.
With 80,000 bikes already deployed, Spiro is emerging as one of the most capitalized and operationally scaled e-mobility companies on the continent.
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Also Read: Nithio Backs Spiro with $7 Million Debt Facility to Scale Electric Motorcycles Across Africa