African electric mobility pioneer Spiro has raised $100 million in fresh funding, marking the largest single investment in Africa’s two-wheel electric vehicle sector to date.
The landmark round was led by the Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank), which contributed $75 million. The remaining $25 million came from a mix of international investors and existing shareholders.
The investment underscores growing institutional confidence in Africa’s transition toward clean and sustainable transportation, strengthening Spiro’s position as the continent’s most capitalized e-mobility company.
Expanding Africa’s Battery-Swapping Network
Spiro plans to use the new funding to expand its network of battery-swapping stations and scale operations across its six active markets: Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. It will also accelerate pilot projects in Tanzania and Cameroon.
Battery swapping allows riders to exchange depleted batteries for fully charged ones within minutes, offering a practical solution in regions where charging infrastructure remains limited. Spiro currently operates more than 1,000 swapping stations across Africa and aims to double that figure by the end of 2025.
“Our mission is to make electric mobility accessible, affordable, and sustainable for all Africans,” said a Spiro spokesperson. “We’re building a model that works for African cities — fast, clean, and practical.”
Target: 100,000 Electric Motorcycles by End of 2025
Founded in 2022, Spiro has quickly grown into one of Africa’s leading clean mobility companies. The company plans to deploy more than 100,000 electric motorcycles by the end of 2025, a fourfold increase from its current fleet.
This expansion is expected to reduce carbon emissions while cutting transportation costs for Africa’s estimated 27 million commercial motorcycle riders, many of whom rely on petrol-powered bikes for income.
In Kenya, Spiro already commands more than half of the electric motorcycle market and has forged partnerships with local governments and ride-hailing platforms to accelerate adoption.
Local Assembly and Economic Impact
Spiro’s strategy includes developing local assembly plants in Kenya, Uganda, Nigeria, and Rwanda to support job creation and strengthen regional supply chains.
Its electric motorcycles, priced at around $900 to $950, are offered through flexible lease-to-own and pay-as-you-go plans. These financing models allow commercial riders to own electric bikes without large upfront payments.
Industry experts say Spiro’s approach can help reduce fuel dependency, promote sustainable industrialization, and support Africa’s long-term climate goals.
“Spiro’s funding marks a turning point for electric mobility in Africa,” said Dr. Benedict Oramah, President of Afreximbank. “It proves that sustainable business models can align with Africa’s climate and industrialization objectives.”
A Boost for Africa’s Green Industrialization Agenda
The investment comes at a time when several African governments, including those of Kenya, Rwanda, and Nigeria, are introducing policies that promote electric vehicle adoption through tax incentives and local manufacturing support.
Spiro’s business model aligns with continental goals under the African Continental Free Trade Area (AfCFTA) and Agenda 2063, both of which prioritize sustainable industrial growth and technological innovation.
The company also plans to integrate renewable energy into its battery-swapping network to reduce reliance on unstable grid power and lower its operational carbon footprint.
Sector Challenges and Competition
While prospects remain strong, the e-mobility sector in Africa faces challenges such as high capital costs, battery recycling logistics, and power supply reliability.
Spiro competes with other startups including Ampersand, Max, and Ecobodaa, which are all pursuing similar battery-swapping and e-bike solutions. However, with a total of $280 million raised to date, Spiro stands out as the best-funded and most geographically diversified player in the space.
Driving Africa’s Clean Future
With this new investment, Spiro is poised to shape the future of sustainable transportation across Africa. Through its combination of battery-swapping infrastructure, digital platforms, and local assembly, the company aims to make electric mobility the default mode of transport for millions of riders.
“Our vision is simple,” said the spokesperson. “We want to electrify African transport not just for environmental reasons but because it is smarter, cheaper, and better for the people who keep our cities moving.”
About Spiro:
Founded in 2022, Spiro is Africa’s leading two-wheel electric mobility company. It provides affordable electric motorcycles, battery-swapping services, and energy management solutions across several African markets. The company’s mission is to accelerate the continent’s transition to sustainable and inclusive transportation.
