Spiro gets another $18 million from AfricaGoGreen to expand electric mobility in East Africa
Spiro has secured an additional $18 million in debt financing from the AfricaGoGreen Fund (AGG), taking the climate fund’s total commitment to the electric mobility company to $36 million as the company accelerates its expansion across East Africa.
The latest financing will support the deployment of more electric motorcycles and expansion of Spiro’s battery-swapping infrastructure, with Uganda and Rwanda expected to be key markets for the new investment.
The AfricaGoGreen Fund, managed by Cygnum Capital, initially committed $18 million to Spiro in a financing package closed in December 2025, alongside a $7 million facility from climate-focused lender Nithio. AGG acted as the investment structuring lead for the transaction.
Spiro said the additional capital will help increase the number of electric motorcycles on the road while expanding its network of battery-swapping stations. The company is also planning larger battery-swapping hubs along busy commercial transport corridors to improve access for riders.
“This additional financing will enable us to accelerate execution in two important East African markets,” said Anant Badjatya, group chief executive of Spiro. “In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure, and strengthen the network that supports our riders every day.”
Spiro uses a battery-as-a-service model designed to lower the upfront cost of switching from petrol-powered motorcycles to electric ones. Instead of purchasing the battery together with the motorcycle, riders can lease or rent batteries and exchange depleted packs for charged ones at designated stations.
The model is particularly aimed at commercial motorcycle riders, including boda-boda operators, for whom fuel and daily operating costs can significantly affect earnings.
As of September 2026, Spiro said it had deployed more than 135,000 electric motorcycles and operated 2,500 battery-swapping stations across seven countries. The company reported more than 50 million battery swaps and has local assembly facilities in Kenya, Uganda, Nigeria and Rwanda.
The expanded financing comes as specialised climate and development finance institutions increase lending to clean transport and energy businesses in Africa. Such companies often face difficulties securing conventional commercial debt because of high borrowing costs, currency volatility and the capital-intensive nature of infrastructure-led expansion.
AfricaGoGreen Fund currently has $232 million in committed capital targeting areas including clean transport, industrial energy efficiency, green housing and sustainable appliances across Africa.
The fund’s capacity was further strengthened in August 2026 after Sweden’s development finance institution, Swedfund, provided a $20 million loan aimed at enabling AGG to extend financing to businesses delivering emissions-reduction solutions that may fall outside the risk appetite of traditional lenders.
For Spiro, the additional AGG financing provides capital to deepen its electric mobility network in two markets where the company already operates, while building out the infrastructure needed to support a growing electric motorcycle fleet.
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential,” said Laurène Aigrain, managing director of AfricaGoGreen Fund.
Spiro founder Gagan Gupta said the follow-on investment reflects the ability of business models developed around African market conditions to attract long-term institutional financing as they scale.
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