Spiro, widely regarded as Africa’s largest electric mobility company, has secured $215 million in fresh equity financing to accelerate the expansion of its electric vehicle and battery-swapping infrastructure across the continent, according to AP News. The funding round was backed by institutional investors from Africa and Europe, including Impact Fund Denmark and Equitane, reflecting growing international confidence in Africa’s clean transport and energy sectors.
The company said the new capital will support the expansion of its battery-swapping network, strengthen manufacturing and assembly operations, accelerate technology development, and fund entry into new markets such as the Democratic Republic of Congo and Ethiopia. Spiro currently operates in Nigeria, Kenya, Rwanda, Uganda, Togo, Benin, Cameroon, and other African markets, where it has deployed more than 100,000 electric vehicles and established over 2,500 battery-swapping stations.
Founder Gagan Gupta said the company has moved beyond the proof-of-concept stage and is entering a new phase of pan-African expansion. According to the company, its electric mobility ecosystem has created approximately 6,000 direct and indirect jobs while helping riders reduce daily transportation costs by up to 40% compared with conventional petrol-powered motorcycles.
PR Newswire says the investment brings Spiro closer to achieving unicorn status, a milestone reserved for startups valued at $1 billion or more. Nairametrics also highlights growing investor appetite for African climate-tech and clean infrastructure businesses as governments seek alternatives to imported fuel, improve energy security, and modernise urban transportation systems.
