In a major boost for Africa’s electric mobility transformation, Spiro, the continent’s leading electric motorcycle and battery-swapping company, has raised a massive $100 million in fresh funding. The round marks one of the largest-ever investments in Africa’s electric two-wheeler sector, underscoring growing investor confidence in the region’s clean mobility ecosystem.
The funding round was led by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank, which contributed $75 million, with the remaining capital coming from an undisclosed venture capital investor. The new infusion will accelerate Spiro’s efforts to expand manufacturing, enhance its battery-swapping infrastructure, and scale operations across multiple African countries.
Expanding Africa’s Electric Mobility Footprint
Spiro currently operates more than 1,200 battery-swapping stations across Africa, with plans to increase that number to 3,500 by the end of 2025. The company aims to have over 100,000 electric motorcycles on the road within the same period, representing a major milestone in the continent’s shift toward sustainable transportation.
By offering an alternative to traditional charging, Spiro’s battery-swapping model addresses two key challenges in Africa’s EV adoption—charging time and cost efficiency. Riders can swap depleted batteries for fully charged ones in minutes, allowing uninterrupted operation while reducing dependency on unreliable power grids.
According to company executives, Spiro’s electric motorcycles cost up to 30% less to operate than petrol-powered bikes, delivering significant savings for riders and businesses alike.
Driving Sustainability and Economic Growth
The funding also reinforces Afreximbank’s commitment to supporting sustainable industrialisation across Africa. By backing Spiro, the institution aims to promote local manufacturing, job creation, and reduced carbon emissions, aligning with broader regional goals for green energy transition and energy independence.
“Electric mobility represents a transformative opportunity for Africa’s cities and economies,” said a FEDA spokesperson. “Spiro’s innovative model combines affordability, accessibility, and sustainability—three critical pillars for the continent’s energy and transport future.”
Strategic Vision for the Future
With this capital infusion, Spiro plans to expand its operations in key markets such as Kenya, Rwanda, Togo, Benin, and Nigeria while exploring new partnerships for local battery production and recycling.
The company also intends to enhance its digital fleet management systems, enabling real-time tracking and predictive maintenance for vehicles—crucial for fleet operators and logistics providers increasingly switching to EVs.
Spiro’s rapid growth positions it as a trailblazer in Africa’s electric mobility landscape, combining innovative battery-swapping technology with scalable, sustainable business practices.
Conclusion: A New Era for Africa’s EV Ecosystem
The $100 million investment marks a turning point in Africa’s transition toward clean, connected, and cost-effective mobility. By tackling infrastructure gaps and providing accessible technology, Spiro is not only redefining the two-wheeler transportation ecosystem but also setting the stage for a continent-wide electric revolution.