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Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to Spiro by $18 million, taking its total commitment to the African electric mobility company to $36 million.
As of September 2026, Spiro has deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across its markets. The additional financing will support the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.
Spiro has developed an integrated electric mobility platform combining electric motorcycles with a battery-swapping network. Its model is designed to reduce the upfront cost and operational barriers associated with electric vehicle adoption, while providing riders with convenient access to charged batteries through a growing network of swap stations.
Laurène Aigrain, managing director of AGG, said: “Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda.”
Gagan Gupta, founder of Spiro, commented: “Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital.”
Anant Badjatya, group CEO of Spiro, noted: “This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders.”
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