Kenya-based electric mobility company Spiro has secured $50 million in fresh funding as it scales its battery-swapping infrastructure for two-wheel vehicles across the continent.
Kenya-based electric mobility company Spiro has secured $50 million in fresh funding as it scales its battery-swapping infrastructure for two-wheel vehicles across the continent.
The raise comes months after the company closed a $100 million round, underscoring sustained investor appetite for asset-heavy climate infrastructure plays in African transport.
Spiro operates what it describes as Africa’s largest battery-swapping network for electric motorcycles, with more than 60,000 bikes deployed and over 1,200 swapping stations across markets including Uganda, Kenya, Nigeria, and Rwanda.
The company says it has facilitated more than 26 million battery swaps, translating into hundreds of millions of kilometres driven on electric power rather than imported petrol.
The latest round includes debt financing from Afreximbank and new equity participation from Nithio and the Africa Go Green Fund managed by Cygnum Capital.
The mix of development finance and climate-focused investors reflects how electric mobility in Africa is increasingly being framed as both a commercial and energy transition opportunity.
The capital will fund expansion of Spiro’s battery-swapping network into new territories while deepening coverage in existing markets.
The company is also investing in its proprietary technology stack, including automated swapping systems, faster charging cycles, and integration with renewable energy sources.
These elements are central to making the unit economics of electric motorcycles viable in cities where informal transport operators operate on thin margins.
Chief executive Kaushik Burman maintains that demand for battery swapping is rising as riders seek predictable operating costs and insulation from fuel price volatility.
He argues that the company is building a scalable energy network designed for local realities, positioning Spiro as a long-term infrastructure provider rather than simply a vehicle distributor.
Electric two-wheelers dominate urban mobility across much of Africa, particularly in last-mile delivery and ride-hailing. If battery swapping can lower downtime and upfront costs, it addresses two of the main barriers to adoption.
Africa Go Green Fund’s leadership points to Spiro’s ability to pair measurable emissions reductions with commercial traction, a combination increasingly demanded by climate capital allocators.
Electric mobility startups across Africa have struggled with capital intensity and fragmented policy environments.
Yet Spiro’s back-to-back large rounds suggest that investors are willing to finance companies that control both hardware and energy infrastructure.
The next phase will test whether the company can maintain deployment speed while keeping operational costs in check, particularly as it expands into markets with differing regulatory and grid conditions.
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