Spiro has achieved a historic milestone in Africa’s mobility sector with a landmark $100 million investment round, the largest ever in the electric two-wheel segment. Led by The Fund for Export Development in Africa (FEDA), this funding recognizes Spiro’s dominant leadership in battery-swapping technology and its mission to accelerate the transition to clean, cost-effective transportation across the continent. With this strategic capital injection, Spiro is set to scale its infrastructure and technology platform to meet growing demand from riders shifting away from fuel-powered motorcycles.
This investment marks a major turning point in Africa’s clean mobility revolution, positioning Spiro to surpass 100,000 deployed electric vehicles by the end of 2025 – a staggering 400 percent year-over-year increase. The company currently operates in six key African markets, including Kenya, Rwanda, Uganda, Nigeria, Benin, and Togo, with pilot programs already underway in Tanzania and Cameroon. Its extensive network of battery swapping stations has enabled over 26 million battery swaps and more than 800 million kilometers of low-carbon travel, making it the fastest-growing battery-swapping operator in Africa.
FEDA’s investment underscores strong investor confidence in Spiro’s potential to transform Africa’s energy and transport sectors. By deploying electric motorcycles produced and assembled in Africa, Spiro is not just accelerating decarbonization, but also stimulating local manufacturing, job creation, and intra-African trade. This partnership aligns with Afreximbank’s broader strategy to build sustainable industries while reducing reliance on imported fossil fuels and second-hand internal combustion vehicles.
Spiro’s innovative approach offers riders a more affordable and efficient alternative to fuel-powered transport. The battery-swapping model eliminates downtime, lowers operating costs, and improves rider profitability – a key reason for the rapid adoption across markets. As urbanization and demand for sustainable transport grow, Spiro is strategically positioned to become a global leader in electric mobility while driving Africa’s shift towards clean energy independence.
This landmark deal represents more than an investment—it is a powerful vote of confidence in Africa’s ability to lead the global clean mobility movement. With a clear vision to build Africa’s first continent-wide electric mobility ecosystem, Spiro is redefining transportation, accelerating climate action, and empowering millions through accessible, future-ready solutions.
