African EV firm Spiro has raised 215 million dollars in equity financing to expand electric mobility infrastructure across Africa.
The investment round was backed by institutional investors in Europe and Africa, including Denmark’s Impact Fund.
Company founder Gagan Gupta said it marked a defining milestone, highlighting rapid deployment across seven active markets.
Spiro says it has deployed 100,000 electric vehicles and 2,500 smart battery-swapping stations across its operational footprint.
The firm currently operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon across the continent.
New funding will expand battery-swapping networks, strengthen local manufacturing and accelerate entry into additional African markets.
Planned expansion targets include the Democratic Republic of Congo and Ethiopia, according to the company statement.
The company did not disclose the valuation attached to the latest investment round despite strong investor interest.
Analysts say Africa is increasingly seeking cleaner transport solutions amid rising fuel prices and energy security pressures.
Impact Fund Denmark CEO Lars Bo Bertram said the investment reflects growing confidence in Africa’s electric mobility sector.
Electric motorcycles dominate urban transport and can reduce daily transport costs by up to 40 percent for riders.
Users reportedly save around two dollars per day compared with conventional gasoline-powered motorcycles across African cities.
Spiro operates manufacturing plants in Kenya, Rwanda and Uganda, alongside a battery recycling facility in Nigeria.
The company is also developing solar-powered battery-swapping stations and second-life battery storage systems for future use.
Despite its relatively small size compared with China and Europe, Africa’s electric mobility market is expanding at pace.
