Spiro has just announced a $215 million investment round.
The new funding will be used to expand its battery-swapping network, scale local manufacturing and assembly, enhance technology development and support entry into new African markets.
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The company is already operational in seven countries, Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, with plans to expand into Democratic Republic of the Congo and Ethiopia.
Spiro’s raise comes at a time when electric mobility is gaining traction across Africa.
The company’s footprint includes manufacturing plants in Kenya, Rwanda, and Uganda, as well as a battery recycling facility in Nigeria. Its model integrates locally adapted vehicle design with affordable battery-swapping and maintenance ecosystems, making EV adoption more viable for commercial riders.
“This past year marked a defining strategic milestone for Spiro,” said Gagan Gupta, Founder of Spiro and Chairman of Equitane. “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 added that the company has already contributed to job creation, supporting around 6,000 direct and indirect roles across its markets.
Meanwhile, Lars Bo Bertram, CEO of Impact Fund Denmark, emphasized the dual opportunity of financial returns and climate impact: “We see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make.”
Also Read: Spiro Acquires Coexlion and Plans to Setup First African R&D Center in Kenya
