Spiro, the African electric two-wheel transportation company, has announced a landmark $100 million investment round, marking the largest-ever single investment in the continent’s two-wheel electric mobility sector.
The financing includes a significant $75 million commitment from The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank). The capital injection is earmarked to expand Spiro’s battery-swapping infrastructure and vehicle fleet across Africa.
Spiro, which launched in 2022, aims to provide affordable and accessible electric motorcycles, targeting the millions of riders who form the backbone of urban and rural transport in many African nations.
Kaushik Burman, CEO of Spiro, highlighted the market’s readiness for the shift. “Africa is at an inflection point in personal mobility,” Burman said. “Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles.”
He emphasized that sustainability is now aligned with profitability for riders, stating that electric vehicles “perform better, cost less to operate, and offer greater profitability than traditional gas-powered vehicles.”
With the new funding, Spiro plans to aggressively expand its battery-swapping network in its existing markets and enter new ones, while also reinforcing its technology platform. The company has set a target of surpassing 100,000 deployed vehicles by the end of 2025, a move that would solidify its position as a dominant battery-swapping operator on the continent.
Professor Benedict Oramah, president of Afreximbank and chairman of FEDA, framed the investment as a strategic initiative for the continent’s industrial and economic development.
“Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Oramah. He noted the partnership aims to stimulate local vehicle manufacturing, strengthen regional integration, and reduce the continent’s reliance on imported second-hand vehicles.
Spiro currently operates the largest battery-swapping infrastructure in Africa, with commercial operations in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company has also recently launched pilot programs in Tanzania and Cameroon.
Marlene Ngoyi, CEO of FEDA, praised Spiro’s business model. “Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” Ngoyi stated. “The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa.”
This latest $100 million round follows over $180 million in previous funding Spiro had secured from investors, including Equitane and Société Générale.
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