Kenya-based mobility startup Spiro raises $50 M funding to fulfil battery-swapping infrastructure demand
As demand for its battery-swapping infrastructure and electric vehicles soars throughout Africa, Kenya-based Spiro, a pioneer in two-wheel transportation and battery-swapping, has raised US$50 million in funding.
The largest electric mobility company in Africa, Spiro runs the largest and fastest-growing network of battery-swapping stations for electric two-wheelers. In Uganda, Kenya, Nigeria, and Rwanda, it operates assembly facilities.
Spiro has achieved over 800 million kilometers of low-carbon emissions travel with more than 60,000 electric motorcycles, more than 1,200 battery swapping stations, and more than 26 million battery swaps to date. The company is replacing costly, imported, fossil fuel-based transportation with accessible, affordable, and sustainable alternatives.
The company raised a US $100 million funding round to support its expansion, according to media reports in October of last year. It has since raised a US $50 million round. This includes two new investors, Nithio and Africa Go Green Fund, which are managed by Cygnum Capital, as well as debt funding from Afreximbank.
In addition to advancing the company’s proprietary technology platform, which includes automated battery swaps, fast charging, and renewable energy integration, the new funding will help Spiro continue to grow its industry-leading battery-swapping network in both new and existing markets.
“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,” said Kaushik Burman, CEO of Spiro. “With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”
According to Laurène Aigrain, managing director of Africa Go Green Fund, Spiro has established a robust platform that is making a noticeable difference in a number of African markets.
“We are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure. This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact,” he said.
