African EV Platform Spiro Raises $215 Million for Expansion

African EV platform Spiro announced the completion of a landmark $215 million investment round, supported by major institutional investors including Impact Fund Denmark and Equitane.

Already operating in seven of Africa's fastest-growing cities, this deal solidifies Spiro's position as a leader in deploying clean infrastructure platforms on the continent. The investment will accelerate the expansion of its battery-swapping network, enhance its industrial base, and develop next-generation EV infrastructure in the rapidly growing African market.

Building on long-standing support from institutional investors like the Fund for Export Development in Africa (FEDA), Spiro's funding round attracted global capital from Europe, Asia, and the Middle East, underscoring rising global confidence in infrastructure-led business models in emerging markets.

After several years of optimizing its product portfolio, technology, and energy ecosystem, Spiro has moved beyond the proof-of-concept stage and is ready for its next phase of continent-wide expansion. This investment will support the growth of Spiro’s battery-swapping network, strengthen its industrial and assembly facilities, accelerate technological development, and aid its entry into new, high-growth African markets.

As urban populations and mobility needs grow across Africa, EV and battery-swapping ecosystems are rapidly emerging as one of the most promising infrastructure and energy investment opportunities. Reducing reliance on imported fuel, strengthening energy and industrial independence, and modernizing urban transport are strategic priorities across the continent.

The economic benefits for users are clear: operating a Spiro EV can reduce daily transportation costs by up to 40%, saving up to $2 per day compared to fossil-fuel motorcycles.

A recent third-party verified Life Cycle Assessment (LCA) of Spiro’s operations in Kenya highlights the potential environmental impact. Spiro's electric motorcycles reduce climate change impact by 72% compared to fossil-fuel bikes, which equates to avoiding approximately 19 tons of CO₂ emissions over the vehicle's lifespan. The study also revealed an 80% reduction in ozone depletion potential and a 20% reduction in particulate matter (PM) emissions.

Spiro currently operates in seven markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, with plans to expand into new markets such as the Democratic Republic of Congo (DRC) and Ethiopia. Its production footprint includes major manufacturing plants in Kenya, Rwanda, and Uganda, as well as a state-of-the-art battery recycling facility in Nigeria.