Electric mobility company Spiro has raised $100 million in new funding, led by The Fund for Export Development in Africa (FEDA), the development investment arm of Afreximbank.
The investment is the largest single funding round in Africa’s two-wheel electric vehicle sector, strengthening Spiro’s mission in the continent’s transition to sustainable transport.
According to the company, $75 million of the total came from FEDA, supporting Spiro’s focus on battery-swapping infrastructure and local manufacturing. The new capital will support the expansion of Spiro’s battery-swapping network, vehicle production, and entry into new markets such as Cameroon and Tanzania.
“Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles,” said Kaushik Burman, chief executive officer of Spiro.
“For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles.”
Burman noted that the latest funding will boost Spiro’s goal of deploying over 100,000 electric motorcycles by the end of 2025, representing a 400% year-on-year growth.
Currently, the company operates more than 50,000 electric bikes and 1,000 battery-swapping stations across six countries, Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programmes already launched in Tanzania and Cameroon.
Since its founding in 2022 by Gagan Gupta, Spiro has focused on solving one of Africa’s toughest transport problems, high fuel costs and unreliable infrastructure. Its model combines affordable electric motorcycles with a subscription-based battery-swapping system, enabling riders to exchange depleted batteries for fully charged ones in minutes. In Kenya, a single battery swap costs about KES 290 ($2.24), cheaper than refuelling with petrol.
FEDA’s investment also shows a global vision for industrial growth and intra-African trade.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Professor Benedict Oramah, president of Afreximbank and Chairman of the Boards of Directors of Afreximbank and FEDA.
“Together, we are laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows.”
Spiro says its operations are already stimulating local economies. In Kenya, for instance, the company assembles its bikes using completely knocked-down (CKD) kits, with parts locally assembled by a workforce that includes a female-led motor assembly line. Across East and West Africa, the company has facilitated over 23 million battery swaps, covering approximately 800 million kilometres.
Burman explained that riders benefit directly from lower operational costs and steady earnings. Many save up to 30% per kilometre compared to petrol motorcycles, thanks to reduced fuel and maintenance expenses. The company’s model, which charges riders based on energy consumption, ensures they only pay for what they use, making electric transport more predictable and sustainable.
The funding will also support research, renewable energy integration, and new use cases in energy distribution. Beyond mobility, Spiro aims to strengthen Africa’s energy resilience by connecting its battery-swapping stations to renewable power sources, ensuring uninterrupted service even during outages.
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” said Marlene Ngoyi, CEO of FEDA. “The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
Before this round, Spiro had raised over $180 million from Equitane and Société Générale. The combined investments now make the company one of Africa’s most capitalised electric mobility startups, with total financing reaching $280 million.
“We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa,” said Gagan Gupta, founder of Spiro. “Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation.”
With a focus on localisation, affordability, and sustainability, Spiro is building a new mobility ecosystem to support Africa’s transport needs
