Spiro Raises $215 Million in Equity Funding to Expand Electric Mobility Operations in Africa

Spiro, a Kenya-based electric mobility and clean energy company, has secured $215 million in equity funding to support its expansion across Africa.

The funding round was backed by Impact Fund Denmark and Equitane.

Funding to Support Network Expansion

The company plans to use the new capital to expand its battery-swapping infrastructure across existing and new markets. In addition, it aims to strengthen its vehicle assembly and manufacturing capabilities.

Spiro also intends to enter two additional African markets, the Democratic Republic of Congo and Ethiopia, as part of its regional growth strategy.

Focus on Electric Mobility Solutions

Founded by Gagan Gupta, Spiro develops electric motorcycles designed for local transportation needs. The company also operates solar-powered battery swap stations and works on second-life battery storage solutions.

Its products are aimed at supporting cleaner and more efficient urban transportation systems in emerging markets.

Operations Across Multiple African Markets

Spiro currently operates in seven African countries. The company reports that more than 100,000 electric vehicles have been deployed through its platform.

To date, users have completed over 30 million battery swaps across its network. According to the company, its electric mobility model can help reduce daily transportation costs for drivers by up to 40%.

The latest investment is expected to support the company's efforts to scale its infrastructure and expand access to electric mobility services across the region.