Leading two-wheel transportation and battery-swapping company Spiro, based in Kenya, has raised US$215 million in equity funding to expand electric mobility and energy infrastructure throughout Africa.
The largest electric mobility company in Africa, Spiro runs the largest and fastest-growing battery-swapping network for electric two-wheel vehicles on the continent. Uganda, Kenya, Nigeria, Rwanda, Togo, Cameroon, and Benin are among the countries where it operates assembly facilities.
Spiro has accomplished over 1 billion kilometers of low-carbon emissions travel with more than 95,000 electric motorcycles, more than 2,500 battery swapping stations, and more than 30 million battery swaps to date. The company is replacing costly imported fossil fuel-based transportation with accessible, affordable, and sustainable alternatives.
In order to finance its expansion, which recently started with launches in Rwanda and Cameroon, the company raised US$100 million in funding last October and an additional US$50 million earlier this year.
With the support of significant institutional investors like Impact Fund Denmark and Equitane, it has now secured a staggering US$215 million investment round. The investment will help Spiro enter new high-growth African markets, expand its battery-swapping network, improve its industrial and assembly footprint, and speed up technology development.
“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. That is exactly the type of investment we want to make,” said Lars Bo Bertram, CEO of Impact Fund Denmark.
