Spiro raises additional $55 million from Chinese investor

African electric mobility company Spiro has secured an additional $55 million investment from Chinese venture firm NewTrails Capital. This increases its latest funding round to $270 million.

The new commitment comes weeks after Spiro announced a $215 million equity raise from a group of European and African investors. The combined funding ranks among the largest capital raises in Africa’s electric mobility sector.

The investment strengthens Spiro’s position as one of the continent’s best-funded electric vehicle companies. It also highlights growing investor interest in Africa’s transition to cleaner transportation systems.

Spiro said the funding reflects confidence in both its business model and the wider opportunity for electric mobility across Africa.

“For us, this is more than a financing announcement,” the company said in a statement. “It is a strong vote of confidence in the future of electric mobility in Africa, in the infrastructure we have built over the years, and in the opportunity that lies ahead.”

The company added that electric transportation is moving from an ambitious idea to a growing reality across many African markets.

Beyond the capital injection, Spiro expects NewTrails Capital to provide access to global supply chains that support battery production and electric vehicle manufacturing. China remains a dominant player in both sectors, making the partnership strategically important as Spiro expands its operations.

The company said NewTrails Capital will help strengthen its access to technologies and supply networks needed to support Africa’s energy transition.

The latest investment follows another major development for Spiro. Earlier this month, the company appointed Anant Badjatya as group chief executive officer. Badjatya previously led India’s Indofast Energy, where he oversaw a battery-swapping network with more than 1,800 stations.

Spiro has rapidly expanded across Africa in recent years. The company says it now operates more than 100,000 electric motorcycles supported by roughly 2,500 battery-swapping stations across several markets.

In addition, the company has established manufacturing facilities in Kenya, Rwanda and Uganda. It also operates a battery recycling plant in Nigeria, which forms part of its efforts to build a more sustainable electric mobility ecosystem.

The company’s integrated approach sets it apart in Africa’s emerging electric two-wheeler market. By combining vehicle deployment, battery infrastructure, manufacturing and recycling, Spiro controls key parts of its supply chain.

The fresh funding is expected to support further expansion as demand for electric motorcycles grows across African cities. Rising fuel costs, urban congestion and increasing interest in cleaner transportation have created new opportunities for electric mobility providers.

The company has attracted significant investor backing over the past year. In October 2025, Spiro raised $100 million in what was then one of the largest investments in Africa’s electric two-wheeler industry.

At the time, the company said it planned to deploy more than 100,000 electric vehicles by the end of 2025. The funding was led by the Fund for Export Development in Africa (FEDA), which backed Spiro’s battery-swapping model and long-term growth strategy.