Spiro, a pioneer in battery-swapping technology and electric mobility in Africa, has raised $50 million in debt funding from Afreximbank, Nithio, and the Africa Go Green Fund, managed by Cygnum Capital.
The funding follows Spiro’s landmark $100 million investment in October 2025, which set a record as the largest-ever electric mobility investment on the continent.
Spiro said the new capital will support the expansion of its battery-swapping network, advance proprietary technology including automated battery swaps, fast charging, and renewable energy integration, and open new markets for electric mobility across Africa.
“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent. With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility,” said Kaushik Burman, CEO, Spiro.
What You Need to Know
Spiro is already operational in six countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programmes underway in Cameroon and Tanzania.
The company has deployed more than 80,000 electric bikes, circulated over 300,000 batteries, completed 30 million battery swaps, established more than 2,500 swap stations, and enabled over one billion CO₂-free kilometres travelled.
The company’s approach combines cutting-edge technology with local insights to address the unique mobility challenges faced across African cities. By providing fast, reliable, and clean transportation options, Spiro aims to accelerate the continent’s transition to sustainable urban mobility.
“By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals. This funding empowers us to bring affordable clean energy and mobility to millions of Africans while deploying an industry leading energy infrastructure that will contribute meaningfully to a greener future in Africa,” said Gagan Gupta, Founder of Spiro.
Strengthening Africa’s Green Energy Ecosystem
The $50 million raise demonstrates strong investor confidence in Spiro’s growth and the broader electric mobility market in Africa.
The funding supports the company’s mission to build a robust, scalable energy network that integrates renewable power sources and efficient battery management, helping to reduce emissions while improving accessibility for riders.
Experts note that Spiro’s “Made-in-Africa, for-Africa” solutions combine local market knowledge with global best practices, creating a resilient, green energy ecosystem capable of supporting economic growth and climate objectives.
What This Means
Spiro’s $50 million funding round signals the growing maturity and potential of electric mobility in Africa. By expanding its battery-swapping network and rolling out advanced technologies such as automated swaps and fast charging, the company is tackling two of the biggest barriers to clean mobility on the continent: access and reliability.
For African cities, this means residents can increasingly rely on affordable, low-emission transport, reducing dependence on fossil-fuel vehicles and lowering urban air pollution.
From an economic perspective, industry leaders say the funding supports job creation and technology-driven enterprise growth. Expanding battery-swapping networks and electric fleets requires local technicians, engineers, and logistics teams, while the adoption of renewable-powered e-mobility can stimulate industries linked to energy, manufacturing, and urban services.
In doing so, Spiro contributes not just to cleaner transport but also to broader economic development and industrial innovation. Finally, this move strengthens Africa’s contribution to global climate action and sustainable development goals.
Driving Sustainable Development
Spiro’s expansion aligns closely with the UN Sustainable Development Goals, particularly those focused on clean energy, sustainable cities, and climate action. By increasing access to electric mobility, the company contributes to reduced urban pollution and promotes greener transport alternatives.
Afreximbank, one of the key funders, highlighted the role of financial institutions in supporting sustainable industrial value chains across Africa. By backing companies like Spiro, they aim to accelerate a just energy transition and promote green economic growth.
With this latest funding, experts say Spiro is poised to strengthen its pan-African presence, deepen technology innovation, and bring affordable clean mobility to millions more Africans.
The company’s trajectory illustrates how locally tailored, sustainable solutions can transform mobility, generate economic opportunities, and deliver measurable environmental impact.
Talking Points
It is impressive that Spiro has raised $50 million in new funding to expand its battery-swapping network and advance clean mobility solutions across Africa.
This additional capital positions Spiro as a practical solution to Africa’s urban mobility challenges, particularly in markets where affordable, reliable, and sustainable transport options are limited.
At Techparley, we see how platforms like Spiro can accelerate Africa’s transition to electric mobility, providing clean, accessible transportation while reducing emissions and supporting climate goals.
By combining battery-swapping infrastructure, automated technology, and renewable energy integration, Spiro allows riders and cities to benefit from safe, efficient, and environmentally friendly mobility at scale.
However, there’s still room to broaden its reach. Success will depend on adoption in new markets, effective local partnerships, and alignment with regulatory frameworks. Continuous support, affordability, and rider education will be key to driving long-term impact.
As Spiro scales, we see an opportunity for it to become a cornerstone of Africa’s sustainable transport ecosystem, creating both economic value for riders and measurable progress towards climate action and clean energy targets.
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