Spiro, Africa’s leading electric two-wheel mobility company, has closed a landmark $100 million investment round led by The Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank. The deal marks the largest investment ever made in Africa’s electric mobility sector, underscoring growing investor confidence in sustainable transportation across the continent. The funding will enable Spiro to expand its battery-swapping infrastructure and accelerate its mission to make clean mobility accessible to millions of riders.
A Transformative Milestone for African Mobility
The round includes $75 million from FEDA, highlighting Afreximbank’s deepening commitment to Africa’s green industrialization. With this capital, Spiro aims to scale its operations across existing markets and enter new territories, positioning itself as a pan-African leader in electric transport. The company plans to surpass 100,000 deployed electric motorcycles by the end of 2025—a fourfold increase from the previous year.
Driving Sustainable Growth Through Technology
Spiro’s CEO, Kaushik Burman, described the investment as a validation of Africa’s shift toward affordable and sustainable mobility. He noted that riders are increasingly choosing Spiro’s battery-swapping motorcycles over traditional fuel-powered models due to lower costs and better performance. The company’s technology-driven model allows users to swap batteries within minutes, eliminating downtime and reducing dependency on expensive imported fuel.
Afreximbank’s Strategic Vision for a Green Industrial Future
Professor Benedict Oramah, president of Afreximbank and chairman of FEDA, emphasized that the partnership with Spiro aligns with Africa’s broader goals of industrial self-reliance and green growth. He said the initiative will boost local manufacturing, foster regional integration, and create jobs across the mobility value chain. By promoting cleaner transport options, Afreximbank also seeks to reduce the continent’s dependence on second-hand vehicles and imported fossil fuels.
Building a Pan-African Clean Energy Ecosystem
Founded in 2022, Spiro has rapidly built Africa’s largest and fastest-growing battery-swapping network, now operational in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs underway in Tanzania and Cameroon. The company’s strategy combines vehicle deployment with localized assembly and renewable energy integration to reduce emissions and strengthen regional supply chains. Through its facilities in Uganda, Kenya, Nigeria, and Rwanda, Spiro promotes local production and job creation while cutting logistics costs.
Backing from Strategic Investors
Before this latest round, Spiro had raised over $180 million from investors including Equitane and Société Générale. Founder Gagan Gupta welcomed FEDA’s participation, saying it would accelerate the company’s ambition to reshape Africa’s transport and energy distribution systems. He added that as Spiro integrates renewable sources into its battery-swapping ecosystem, it aims to unlock significant growth in energy access and distribution.
FEDA’s Commitment to Impact Investing
FEDA CEO Marlene Ngoyi praised Spiro’s rapid growth and market adoption as proof of the scalability of its business model. She noted that the company’s focus on accessibility and sustainability resonates with FEDA’s mission to finance Africa’s development through equity and impact-driven investments. To date, FEDA has deployed over $1.3 billion across multiple sectors, including manufacturing, agribusiness, and logistics, to foster intra-African trade and value-added growth.
Spiro’s $100 million raise marks a defining moment for Africa’s electric mobility landscape, setting the stage for large-scale adoption of clean transport solutions. By expanding its battery-swapping network and local manufacturing footprint, Spiro is not only reducing emissions but also driving new economic opportunities across the continent. With FEDA and Afreximbank’s backing, the company is poised to lead Africa into a new era of sustainable, homegrown mobility innovation.