Spiro has announced the successful close of a $270 million funding round. The milestone includes a newly finalized $55 million investment from NewTrails Capital, a Chinese growth-stage investment firm focused on emerging markets, with operations spanning Shanghai, Shenzhen and Nigeria.
The fresh capital will fuel Spiro’s expansion across Africa as it builds out an integrated ecosystem combining electric vehicles, battery swapping infrastructure and digital services.
The company says it has already deployed over 100,000 electric vehicles and established 2,500 smart battery swap stations across seven markets.
Spiro’s latest raise also attracted a mix of global investors, including Impact Fund Denmark, Equitane and FEDA, alongside previous backers such as Nithio and the Africa Go Green Fund.
According to Gagan Gupta, Founder of Spiro and Chairman of Equitane, the new funding marks a turning point for the company’s growth trajectory.
“Spiro has firmly moved past the proof-of-concept phase… This marks a powerful new chapter as we prepare for the next steps of our pan-African and international expansion,” he said.
Yufan Zhang, Founding Partner at NewTrails Capital, described Spiro as a key player in what he called an “energy revolution” across the continent.
He highlighted the company’s vertically integrated approach—combining vehicles, batteries, energy infrastructure, payments, and services—as a major differentiator in solving Africa-specific mobility challenges.
Zhang also pointed to the increasing role of Chinese supply chains and financing in supporting Africa’s green transition.
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