Africa's electric mobility sector has received a major vote of confidence after Spiro, the continent's largest electric motorcycle and battery-swapping company, secured a record-breaking $215 million equity investment to accelerate its expansion across African markets.
The funding round, announced in late May, attracted investors including Impact Fund Denmark and Equitane, further strengthening Spiro's position as a leader in Africa's rapidly growing clean transport industry.
The latest raise comes just months after the company secured $50 million in debt financing from Afreximbank, Nithio and the Africa Go Green Fund in February, and follows a $100 million equity round led by Afreximbank's Fund for Export Development in Africa (FEDA) in October 2025. Combined, the transactions push Spiro's total funding to more than $365 million, making it one of the most heavily financed climate-tech companies on the continent.
Founded in 2022 and led by former Gogoro executive Kaushik Burman, Spiro has built a business model centred on electric motorcycles and battery-swapping infrastructure, enabling riders to exchange depleted batteries for fully charged units in under three minutes.
The company has scaled rapidly across Africa, deploying more than 80,000 electric motorcycles and establishing a network of over 2,500 battery-swapping stations. Its operations span Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with further expansion planned in Cameroon and Tanzania.
Kenya has emerged as one of Spiro's strongest markets. The company claims a 21 per cent share of the country's overall motorcycle market, accounting for the vast majority of electric vehicles on Kenyan roads and more than half of all electric motorcycles sold nationally.
The fresh capital is expected to support Spiro's ambitious growth plans, including expanding its battery-swapping network to 10,000 stations by the end of 2026 and increasing local manufacturing and assembly capacity across key African markets. In Kenya, the company already manufactures electric motors locally and operates assembly lines that create employment opportunities, including for women in the country's growing green industrial sector.
Beyond business growth, the investment highlights growing institutional confidence in electric mobility as a scalable climate solution for Africa. Motorcycles form the backbone of urban and rural transport systems across much of the continent, but they are also a significant source of fuel consumption and transport-related emissions.
By replacing petrol-powered bikes with electric alternatives, Spiro says riders can reduce fuel and maintenance costs by between 30 and 40 per cent, improving earnings while lowering emissions. The company's battery-swapping ecosystem has already facilitated more than 26 million battery swaps, demonstrating the commercial viability of electric two-wheel transport at scale.
The funding also reflects a broader shift in climate finance towards infrastructure-backed investments capable of delivering measurable environmental and economic returns. Unlike many early-stage climate ventures, Spiro's model generates recurring revenues through vehicle sales, battery subscriptions and energy services, making it increasingly attractive to institutional investors seeking exposure to Africa's energy transition.
As governments across the continent pursue cleaner transport systems and stronger climate commitments, the record investment positions Spiro at the forefront of Africa's electric mobility revolution. With hundreds of millions of dollars now behind its expansion plans, the company is poised to play a central role in reshaping how people and goods move across African cities while contributing to the decarbonisation of one of the continent's fastest-growing transport segments.
