African electric mobility firm, Spiro, has announced a $100 million investment round, the largest-ever funding in the two-wheel electric mobility sector on the continent.
According to the company, the investment includes $75 million from The Fund for Export Development in Africa (FEDA), the development impact arm of the African Export-Import Bank (Afreximbank), reinforcing its mission to drive affordable, clean, and accessible transportation across the continent.
Speaking on the development, Spiro’s CEO, Mr Kaushik Burman, said Africa is experiencing a major shift in personal mobility as riders move from internal combustion motorcycles to cleaner and more efficient battery-swapping alternatives.
“This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent,” Mr Burman said.
Spiro plans to use the new funding to expand its battery-swapping network across existing and new markets while enhancing its technology platform.
The company also projects to deploy over 100,000 vehicles by the end of 2025, consolidating its position as Africa’s leading electric mobility provider.
In his remarks, Mr Benedict Oramah, President of Afreximbank and Chairman of FEDA’s Board, said the investment aligns with Afreximbank’s commitment to building a sustainable mobility sector in Africa.
“Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and creating skilled jobs,” Mr Oramah stated.
Founded in 2022, Spiro operates the largest and fastest-growing battery-swapping network in Africa, with operations in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, and pilot programs underway in Tanzania and Cameroon.
The company had previously raised over $180 million from Equitane and Société Générale before this latest round.
Speaking on the new development, Mr Gagan Gupta, Spiro’s Founder, said the partnership with FEDA will accelerate the company’s efforts to transform energy storage and distribution across Africa.
“As we expand our infrastructure and integrate renewable energy sources, we are positioned to unlock substantial upside in Spiro’s energy distribution,” Mr Gupta said.
On her part, FEDA CEO, Ms Marlene Ngoyi, described Spiro’s growth as evidence of strong market demand for affordable and sustainable mobility solutions, adding that the company’s model is both commercially viable and socially impactful.