Nithio closes $7m working capital facility with Spiro
Funding targets more electric motorcycles and additional battery swap stations.
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Climate financing platform Nithio, through the Facility for Adaptation, Inclusion and Resilience (FAIR), has closed a $7 million senior debt working capital facility with Spiro Mobility.
Founded in 2022, Spiro deploys electric motorcycles alongside a battery swapping network designed for high-utilisation, commercial transport use cases.
Spiro currently operates across more than seven African markets, with over 80,000 electric motorcycles on the road and more than 2,500 battery swap stations installed.
This investment will support Spiro’s expansion of its electric motorcycle fleet and battery swapping infrastructure across existing and new markets. It will also strengthen the company’s working capital base as it scales operations.
“Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market,” said Raghav Sachdeva, chief investment officer at Nithio. “They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions. We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”
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