Kenya-based electric mobility company Spiro has raised $100 million to accelerate its mission of providing affordable, sustainable, and accessible transportation across Africa.
The new capital, which includes $75 million from The Fund for Export Development in Africa (FEDA), the investment arm of the African Export-Import Bank (Afreximbank), will support Spiro’s expansion across existing and new markets while bolstering its cutting-edge technology platform.
The funding underscores growing investor confidence in Africa’s clean energy transition and reflects the rising shift from fossil-fuel-powered transport to electric alternatives.
“Africa is at an inflection point in personal mobility,” said Kaushik Burman, Chief Executive Officer of Spiro. “Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem.
“For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles.”
The company aims to use the funds to expand its battery-swapping infrastructure, increase vehicle production, and reach over 100,000 deployed vehicles by the end of 2025, cementing its position as Africa’s leading e-mobility player.
What Is Spiro?
Founded in Kenya, Spiro is at the forefront of Africa’s clean mobility revolution. The company designs, manufactures, and operates electric two-wheelers, mainly motorcycles, targeted at urban commuters, delivery riders, and small business owners who rely on affordable transport for their livelihoods.
At its core, Spiro’s mission is to replace expensive, fuel-based motorcycles with electric alternatives that are cost-efficient, environmentally friendly, and easy to maintain.
The company also emphasizes African-made innovation, operating local production and assembly plants in Kenya, Uganda, Nigeria, and Rwanda.
This localized model aligns with Spiro’s philosophy of “made in Africa, by Africans, for Africa,” ensuring that the continent not only adopts clean energy technology but also builds the capacity to produce it.
By reducing reliance on imported vehicles and components, Spiro is helping to stimulate industrial development, technology transfer, and skilled employment within Africa’s growing green economy.
Spiro’s Services and How It Operates
Spiro’s innovation lies in its battery-swapping model, which eliminates one of the biggest challenges of electric mobility, charging time.
Instead of waiting hours to recharge a depleted battery, Spiro riders can visit one of the company’s automated battery-swapping stations, exchange their used battery for a fully charged one, and resume their journey in minutes.
This approach provides a fast, seamless, and affordable solution for Africa’s millions of motorcycle riders, who use bikes for everything from public transport to goods delivery. The battery-swapping network also reduces operational costs, as riders no longer need to buy petrol or maintain complex combustion engines.
In addition, Spiro integrates smart energy management systems that monitor battery performance and optimize energy usage. The company’s growing digital platform supports real-time tracking, mobile payments, and predictive maintenance, helping to make electric mobility more reliable and user-friendly.
Combining clean energy infrastructure with advanced digital technology, Spiro is positioning itself not just as a transportation provider but as a complete e-mobility ecosystem builder for Africa.
How Big Is Spiro?
In less than a decade, Spiro has evolved into Africa’s largest electric mobility company, boasting an expansive footprint across East and West Africa.
The company operates over 60,000 electric motorcycles, runs more than 1,200 battery-swapping stations, and has conducted 26 million battery swaps to date. Collectively, its riders have covered more than 800 million kilometres, all powered by clean, low-carbon energy.
These figures highlight the scale of Africa’s growing appetite for sustainable mobility solutions.
By substituting imported petrol motorcycles with electric ones, Spiro has significantly reduced greenhouse gas emissions, cut fuel dependency, and empowered tens of thousands of riders with lower operating costs.
The company’s next target 100,000 vehicles by the end of 2025, positions it as a potential global leader in the battery-swapping space, rivaling similar initiatives in Asia and Europe.
This growth trajectory reflects both Africa’s readiness to adopt clean technology and the continent’s strategic importance in the global fight against climate change.
About the $100 Million Fund
The $100 million investment round represents a major milestone not just for Spiro but for Africa’s broader transition to electric mobility.
$75 million of the total was provided by FEDA, Afreximbank’s development investment arm, which focuses on supporting African enterprises that advance regional integration, industrialization, and sustainable development.
“This landmark US$100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent,” said Kaushik Burman, Spiro’s CEO.
Professor Benedict Oramah, President of Afreximbank and Chairman of the FEDA Board, described the partnership as a transformative step for Africa’s transport and manufacturing sectors.
“Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” Oramah said.
“Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows.”
The funding will allow Spiro to scale operations, increase local production, and deepen its market presence in key countries while contributing to Africa’s climate and economic resilience goals.
Why It Matters
Spiro’s success story symbolizes Africa’s growing capacity to lead its own green mobility transition.
With 800 million kilometres of low-emission travel already achieved, the company’s model offers a practical pathway for reducing urban air pollution, cutting carbon emissions, and empowering everyday riders.
The broader impact extends beyond the environment. By assembling vehicles locally and sourcing parts within Africa, Spiro is stimulating industrial growth, creating skilled jobs, and reducing the continent’s reliance on imported second-hand vehicles.
This aligns with Afreximbank’s vision of fostering self-sufficient, technology-driven economies across the continent.
For millions of riders, Spiro’s electric motorcycles provide more than a ride, they offer economic empowerment, energy independence, and a chance to participate in a sustainable future.
As Professor Oramah emphasized, the collaboration is “laying the foundation for a new mobility ecosystem that empowers Africans to build for Africa.”
By merging technology, sustainability, and social inclusion, Spiro isn’t just transforming how Africans move, it’s redefining how Africa moves toward a cleaner, more innovative, and self-reliant future.
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