Spiro secures $50m to accelerate Africa’s electric mobility revolution
Spiro’s continental footprint includes over 80,000 electric motorcycles deployed, approximately 2,500 battery swap stations operational, more than 300,000 batteries in circulation and over 30 million battery swaps completed (Courtesy Photo/ Spiro)
NAIROBI, KENYA - (24 February 2026): Africa’s electric mobility leader, Spiro, has raised $50m in new debt financing as demand for its battery-swapping infrastructure and electric motorcycles continues to rise across the continent.
The funding round was supported by Afreximbank, climate fintech platform Nithio, and the Africa Go Green Fund, managed by Cygnum Capital. The most recent raise follows Spiro’s significant $100 million investment secured in October 2025, the largest electric mobility investment in Africa’s history.
The new capital will enable the expansion of Spiro’s battery-swapping network across existing and new markets, while speeding up the development of its proprietary technology platform, including automated battery swaps, fast-charging systems, and renewable energy integration.
“Demand for Spiro’s innovative battery-swapping infrastructure continues to grow and is reshaping mobility in Africa. With strong financial backing and cutting-edge technology, we are leading Africa’s transition to sustainable mobility,” said Kaushik Burman, CEO of Spiro.
Built on a “Made-in-Africa, for-Africa” model, Spiro has established itself as both a mobility and energy infrastructure enterprise. The company operates across six main markets, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot initiatives in Cameroon and Tanzania.
By the Numbers: Spiro’s continental footprint includes over 80,000 electric motorcycles deployed, approximately 2,500 battery swap stations operational, more than 300,000 batteries in circulation, over 30 million battery swaps completed, and more than 1 billion kilometres travelled CO₂-free.
These figures establish Spiro as one of the largest and fastest-growing e-mobility companies in Africa, changing the economics of two-wheeler transport in urban and peri-urban markets. In many African cities, motorcycle taxis remain a vital part of daily transportation and employment. By replacing fossil-fuel–powered bikes with electric alternatives, Spiro lowers operating costs for riders while reducing emissions and dependence on fuel imports, a crucial economic factor for fuel-importing nations.
The Africa Go Green Fund, which currently has $201 million in committed capital, focuses on reducing greenhouse gas emissions through investments in clean transport, industrial energy efficiency, and green buildings. Laurène Aigrain, Managing Director of AGG, described Spiro as a platform delivering “tangible impact across multiple African markets.”
Nithio, which manages the Facility for Inclusion, Adaptation, and Resilience (FAIR), considers electric mobility a vital part of Africa’s clean energy transition. Its Risk Analytics Engine uses AI and geospatial data to assess and manage climate finance risk, demonstrating increasing sophistication in green infrastructure financing.
For Afreximbank, the investment aligns with its mandate to finance sustainable African trade and industrialisation. As of December 2024, the bank’s total assets and contingencies exceeded $40.1 billion, with shareholder funds at $7.2 billion. Supporting green industrial value chains, including electric mobility manufacturing and assembly in Africa, supports its broader AfCFTA-driven trade agenda.
Momentum gathering after a record 2025 raise
The new $50 million round builds on Spiro’s October 2025 $100 million raise, widely seen as a milestone for Africa’s climate-tech ecosystem. Overall, the company has now raised at least $150 million in significant funding within five months, signalling investor confidence in both its business model and Africa’s electric mobility future.
Spiro’s production and assembly footprint, spanning Uganda, Kenya, Nigeria, and Rwanda, also reflects a broader industrial ambition: local manufacturing and value retention within African markets. With 2026 shaping up as a pivotal year for climate investment and sustainable infrastructure across Africa, Spiro’s latest fundraising positions it at the forefront of the continent’s clean mobility transition.
As Gagan Gupta, Founder of Spiro, noted, “We are creating a resilient, green energy ecosystem that supports economic development and climate goals. This funding empowers us to bring affordable clean energy and mobility to millions of Africans.”
- BI
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