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Spiro, Africa’s largest electric mobility company, has secured an additional $18 million in financing from the Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital.
The move doubles AGG’s total commitment to Spiro to $36 million, less than a year after its initial investment. The expanded facility builds on the debt line closed in December 2025, under which AGG committed $18 million, and Nithio committed $7 million.
“This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders,” said Anant Badjatya, Group CEO of Spiro.
Spiro is Africa’s largest electric mobility company, operating in seven countries. The company has developed an integrated electric mobility platform that combines electric motorcycles with a large-scale battery-swapping network, aiming to lower the upfront cost and operational barriers of electric vehicle adoption.
It has a network of battery-swapping stations for electric motorcycles, with over 135,000 bikes and more than 2,500 stations.
The company has completed over 50 million battery swaps, promoting low-carbon travel. Spiro also focuses on local production of electric vehicles in Uganda, Kenya, Nigeria, and Rwanda.
“Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital,” added Gagan Gupta, Founder of Spiro.
Spiro also runs assembly facilities in Uganda, Kenya, Nigeria, and Rwanda.
Africa Go Green (AGG) is a fund aimed at reducing greenhouse gas emissions in Africa. It provides loans to businesses and projects focusing on energy efficiency, green buildings, clean transportation, and eco-friendly appliances.
Established by KfW, AGG has financial backing from various organisations, including the German Federal Ministry for Economic Cooperation and Development, the African Development Bank, and others. Currently, the fund has commitments totalling $232 million.
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda,” said Laurène Aigrain, Managing Director of Africa Go Green Fund.
The new financing will support the continued deployment of electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda, helping the company grow its customer base and increase use of its existing network.
The announcement comes a few days after signing a partnership with China’s Yadea, the world’s leading manufacturer of electric two-wheelers to scale affordable electric mobility across the continent.
It is followed by the appointment of Auroasish Choudhuri as managing director for West and Central Africa, overseeing the company’s expansion across a region that includes several of its largest markets.
Last month, Spiro announced the opening of its seventh mega swap station in Rwanda, just over a year after the company activated more than 100 battery-swapping stations across the country.
