African electric mobility company Spiro has raised $215 million in equity funding in one of the continent’s largest clean mobility investments. Backed by Impact Fund Denmark and Equitane, the funding will support the company’s expansion into new markets and increase access to affordable electric transport for riders.
The investment is expected to help Spiro grow its battery-swapping infrastructure and electric motorcycle fleet across Africa at a time when demand for lower-cost and cleaner transport options continues to increase.
The latest round brings Spiro’s total funding to more than $343 million across seven rounds. It follows a $100 million equity raise led by Afreximbank’s FEDA in October 2025 and a $50 million debt facility secured in February 2026.
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” said Lars Bo Bertram, CEO of Impact Fund Denmark. “That is exactly the type of investment we want to make.”
Expanding Affordable Transport and Supporting Jobs
Spiro’s business model focuses on battery-swapping stations, which allow riders to exchange an empty battery for a fully charged one in less than a minute instead of waiting for long charging times. The system is designed to help riders keep working while reducing concerns around inconsistent electricity supply in some markets.
The company currently operates in Kenya, Rwanda, Uganda, Nigeria, Togo, Benin and Cameroon. According to Spiro, it has more than 100,000 electric motorcycles on the road, 2,500 battery swap stations and has completed over 30 million battery swaps.
For riders who depend on motorcycles to earn a living, the cost savings can be meaningful. Spiro says users of its motorcycles spend up to 40% less on daily transport costs than those using petrol-powered bikes, saving around $2 per day. Lower operating costs can help riders increase earnings and reduce daily business expenses.
The company is also growing its industrial operations in Africa. Spiro runs manufacturing plants in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria. Across its markets, the company says it has created more than 6,000 direct and indirect jobs.
Gagan Gupta, founder and chairman of Spiro, said the company is entering its next phase of growth with a focus on reaching more riders with affordable and cleaner transport options. He said the company’s next growth chapter aims to deliver “clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
The company plans to expand into Ethiopia and the Democratic Republic of Congo as it increases its presence in fast-growing African markets.
Growing Africa’s Clean Mobility Market
Beyond reducing transport costs, the investment is expected to support Africa’s shift to cleaner transport systems as cities continue to grow and concerns around air pollution increase.
According to a lifecycle assessment of its operations in Kenya, Spiro’s motorcycles produce 72% lower emissions than petrol-powered alternatives. The company says each motorcycle prevents about 19 tonnes of carbon dioxide emissions over its lifetime.
The company has also been developing solar-powered battery-swapping infrastructure and exploring ways to reuse batteries for energy storage after their use in vehicles.
The funding comes as Africa’s electric motorcycle market continues to grow. Electric two-wheeler sales increased by nearly 40% in 2024. In Kenya, electric motorcycles accounted for 15.3% of new registrations in 2025, up from 0.5% in 2021.
As Spiro expands its network and enters new markets, the latest funding is expected to improve access to lower-cost transport, support jobs and increase clean mobility infrastructure across Africa.
