Spiro raises $50m
The new capital will support the continued expansion of Spiro’s battery-swapping network.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
African electric mobility company, Spiro, today announced the raising of $50 million in debt funding from Afreximbank and two new investors, Nithio and Africa Go Green Fund, managed by Cygnum Capital. The new funding follows Spiro’s $100 million investment in October 2025.
The new capital will support the continued expansion of Spiro’s battery-swapping network across existing and new markets, while further advancing the company’s proprietary technology platform, including automated battery swaps, fast charging, and renewable energy integration.
“Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,’’ said Laurène Aigrain, managing director of Africa Go Green Fund. “This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”
“Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market,” said Raghav Sachdeva, CIO of 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.”
Spiro is operational in six countries – Kenya, Uganda, Rwanda, Nigeria, Benin and Togo – with pilots underway in Cameroon and Tanzania. To date, Spiro has deployed more than 80,000 electric bikes, circulated over 300,000 batteries, completed more than 30 million battery swaps, and established over 2,500 swap stations.
“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” said Oluranti Doherty, managing director for export development at Afreximbank. “By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade; we are promoting a green industrial value chain that keeps innovation at the forefront of a just energy transition.”
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now