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Spiro, Africa’s largest electric mobility company, has closed a $215 million equity round to accelerate the rollout of its battery-swapping infrastructure and next-generation electric vehicles across the continent. The scale-up has raised capital from European and African institutional investors to cement its position as one of Africa’s leading clean infrastructure platforms.
The investment round is backed by major institutional investors, including Impact Fund Denmark and Equitane, alongside long-standing partner FEDA. Impact Fund Denmark’s contribution amounts to $40 million (DKK 258 million), channelled through its commercial fund, SDG Fund II, with the participation of Danish pension funds Pensam, P+, PFA, PKA and PBU. The investment is further backed by a guarantee from the European Union under the European Fund for Sustainable Development Plus framework.
“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.
The funding comes at a critical juncture as Spiro completes years of optimisation across its product portfolio, technology, and energy ecosystem and moves past the proof-of-concept phase.
The company says it “stands ready to execute its next chapter of pan-African expansion.”
The $215 million equity round will support the expansion of Spiro’s battery-swapping network, strengthen its industrial and assembly footprint, accelerate technology development, and support the company’s entry into new high-growth African markets.
Spiro recently acquired India-based Coexlion, an international motorcycle engineering and design firm, in a move that will also see the company open its first African R&D centre in Kenya. The team of 28 engineers at Coexlion has contributed to more than 25 motorcycle programs globally, covering electric two-wheelers, chassis and frame development, vehicle integration, reliability engineering, battery systems, and industrial design. The acquisition is expected to accelerate product development cycles and deepen the localisation of components and vehicle architecture for African markets.
“Our ambition is not only to manufacture in Africa, but also to progressively own and develop the engineering, design, and product capabilities behind our vehicles,” said Gagan Gupta, founder of Spiro.
Spiro currently operates across seven African markets, namely Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, with an industrial footprint that includes flagship manufacturing plants in Kenya, Rwanda, and Uganda, alongside a state-of-the-art battery recycling facility in Nigeria. The company further plans to expand local production and enter new markets such as the Democratic Republic of Congo and Ethiopia.
The funding also shows the strategic interest among investors in African EV infrastructure, driven by governments across the continent pushing to reduce fuel import dependence and modernise urban transport. Spiro claims operating its electric vehicle can reduce daily mobility costs by up to 40%, generating savings of up to $2 per day compared to fossil-fuel motorcycles.
Spiro is also making a compelling environmental case. A recent third-party verified lifecycle assessment conducted on Spiro’s operations in Kenya found that its electric bikes deliver a 72% reduction in climate impact compared to fossil-fuel motorcycles. This is reportedly equivalent to approximately 19 tons of CO2 emissions avoided over a vehicle’s lifespan and the study also identified an 80% reduction in ozone depletion potential and a 20% reduction in particulate matter emissions.
Since it was founded in 2014, Spiro has deployed over 100,000 electric motorcycles and 2,500 smart-swap stations to date. It has recorded more than 30 million battery swaps, and has created 6,000 direct and indirect jobs across its markets.
“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality,” said Gupta, who is also the chairman of Equitane.
He added, “Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
Spiro is also expanding beyond urban transport with a distributed clean-energy utility network to support national renewable energy goals. With innovations including IoT-enabled, solar-powered swap stations and secondary-life battery applications designed for stationary renewable energy storage, the company is broadening its appeal to investors betting on Africa’s energy transition.
