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

The funding, sourced from equity, debt, and grants, will enable the deployment of new battery swap stations, acquisition of battery stock, and the expansion of Kofa’s AI-enabled energy platform.

Founded in 2021, Kofa isn’t building electric vehicles. It isn’t interested in retail or manufacturing either. What it offers is a simple and urgent solution, which is direct access to clean, affordable energy for people who need it—whether gig workers on motorbikes or small business owners relying on generators. The company is betting on swappable battery tech to fix Africa’s electricity gap.

The model involves users paying about $1 per swap, changing a dead battery for a full one in under two minutes, and moving on with their lives. No need for queues, petrol fumes or unstable grids. Just power.

Kofa’s CEO and co-founder, Erik Nygard, said, “We think trying to capture the whole value chain is the wrong play here. It ignores the reality on the ground. In Africa, scale happens through partnerships, not vertical integration.”

This logic underpins the company’s refusal to manufacture batteries or bikes. The batteries are made in China. The vehicles? TailG, a Chinese OEM, handles that. Kofa focuses on energy delivery and software to manage the network, leaving sales and logistics to distributors. Even the batteries aren’t owned by Kofa but financed by asset investors.

Kofa’s funding round was co-led by E3 Capital and Injaro Investment Advisors, with additional backing from Shell Foundation and other European investors.

According to Jerry Parkes, managing director of Injaro, “Our investment in Kofa is about more than just backing a promising energy company; it’s about supporting a solution that delivers tangible economic benefits for local communities. We are also excited to deploy Ghanaian capital in support of a visionary and experienced founder driving sustainable energy innovation in Africa.”

There’s a huge market need. Sub-Saharan Africa spends around $30 billion each year powering motorcycles and small generators with fuel. Kofa’s model offers energy at a cost that’s 20–30% lower. If Kofa captures even a tenth of that market, it’s a potential $3 billion business, while saving users money.

At present, Kofa operates 10 swap stations in Accra and is setting up 40 more across Accra and Kumasi. The company recently entered Kenya and handles about 200 battery swaps per day—a number expected to grow rapidly as the network expands.

Still, Kofa isn’t profitable yet. That doesn’t concern Nygard. “Profitability at this stage isn’t the goal — scale is,” he said.

The Shell Foundation sees potential in that scale. “Shell Foundation supports solutions that raise incomes for everyday people in key sectors, while simultaneously lowering emissions,” said Jonathan Berman, its CEO.

“Kofa’s technology has huge potential for scale, and it is exciting to see this fundraise accelerate the expansion into new cities and national markets.”

What Kofa is building is infrastructure. A grid of batteries ready to replace unreliable national systems. Ensuring productivity that doesn’t rely on diesel, and for many users, like Cecil of Serene Insurance, it’s already working: “It gives me power just like ECG! The battery is very good.”