Spiro, an African provider of two-wheel electric transportation and battery swapping services, has secured a $100 million investment round, marking the largest funding in the African two-wheel electric mobility sector to date. The round includes a $75 million investment from The Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank).
The funds will support Spiro’s expansion of its battery-swapping infrastructure across current and new markets, alongside enhancements to its technology platform. The company aims to deploy over 100,000 vehicles by the end of 2025, strengthening its position in Africa’s electric mobility market.
Established in 2022, Spiro focuses on developing a mobility ecosystem with battery-swapping technology and accessible motorcycles. It currently operates in six African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, and has initiated pilot programs in Tanzania and Cameroon. Prior to this round, Spiro raised over $180 million from investors, including Equitane and Société Générale.
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