Spiro, Africa’s largest e-mobility operator, has secured $50 million in debt financing to scale its operations.
The funding comes from a heavyweight consortium:
- Afreximbank (African Export-Import Bank)
- Nithio (U.S.-based climate fintech)
- Africa Go Green Fund
The Strategy
Spiro plans to use the $50 million to refine its “energy network” across existing markets like Kenya, Nigeria, and Rwanda. The focus isn’t just on bikes, but on the tech stack:
- Automated battery swaps.
- Enhanced fast-charging capabilities.
- Integration with renewable energy sources.
By the Numbers
Spiro’s footprint is already massive, and this capital aims to supercharge these metrics:
- 80,000+: Electric motorcycles deployed.
- 30 million: Battery swaps completed to date.
- 2,500+: Swap stations established across the continent.
- $230 million: Total capital raised by Spiro since 2022.
Why it Matters
Institutional “dry powder” is finally moving from pilot programs to industrial-scale deployment.
In just the last week, the sector saw a flurry of activity:
- Arc Ride received a $5 million equity commitment from the IFC.
- Gogo Electric (Uganda) raised $1 million from the EU-funded ElectriFi.
What They’re Saying
“This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans,” says Kaushik Burman, CEO of Spiro.
“We see e-mobility as a critical pillar of Africa’s clean energy transition,” adds Raghav Sachdeva, CIO at Nithio.
