Spiro has announced that it has successfully closed a US$100 million investment round to expand two-wheel electric mobility in Africa.
This investment provides substantial fuel for Africa’s green transition efforts. The funding round was spearheaded by The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank), which committed US$75 million to the deal.
The newly secured capital is earmarked for massive expansion. Specifically, Spiro will use the funds to scale its industry-leading battery-swapping infrastructure across its existing and new markets. The company has set an aggressive goal to deploy over 100,000 electric vehicles by the end of 2025.
Spiro’s operation model is centred around battery swapping technology, which provides riders with access to Spiro’s network of swapping stations, fast and slow chargers, and home charging solutions. This approach ensures that energy is available exactly when and where their customers need it.
Spiro currently operates the largest and fastest-growing battery-swapping network on the continent. Its commercial operations span six African countries: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs running in Tanzania and Cameroon. The firm has already facilitated an impressive 26 million battery swaps and manages more than 1,200 swapping stations.