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

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To address this, the World Bank and African Development Bank launched Mission 300, a plan designed to connect 300 million Africans to electricity by 2030. 

The Global Energy Alliance for People and Planet (GEAPP) has now pledged $16 million at UNGA 80 to speed up this initiative.

According to GEAPP, the latest commitment is expected to reduce market barriers, strengthen government and community capacity, and open the door to additional investment in clean energy technologies.

Woochong Um, GEAPP’s chief executive, explained the scale. “Our Alliance’s work in Africa, including Mission 300, is proof of what’s possible when governments, business, and philanthropy act together with urgency and purpose—turning ambition into real power, real jobs, and real opportunity for millions across the continent.”

Where the Funds Are Going

The Democratic Republic of Congo will receive the largest share, over $7 million channelled through the Mwinda Fund, managed by GreenMax. This support is set to expand mini- and metro-grid projects and attract nine times more capital, potentially bringing electricity to millions in a country where 70 million people still live without it.

Nigeria has been allocated more than $2 million to scale interconnected mini grids with RMI, with a target of 100MW deployment and a pipeline of 500MW. RMI’s Chief Executive, Jon Creyts, described the move as transformational: 

“Interconnected mini grids are a game-changer for Nigeria’s energy future. By combining on-site renewables with grid power, mini-grids deliver reliable, affordable electricity to underserved communities, reduce reliance on costly diesel, and create new value for developers and utilities. With support from the Energy Alliance, we’re scaling this model to accelerate energy access for millions of Nigerians.”

In Sierra Leone, Madagascar, and Nigeria, $5 million has been earmarked for Odyssey Energy Solutions’ Demand Aggregation for Renewable Technology (DART 3.0). The initiative is expected to pool equipment demand, cut costs, and unlock as much as $125 million in investments. 

“By reducing costs and accelerating deployment timelines, we are creating a more efficient and investable market for distributed renewable energy,” said Emily McAteer, Odyssey’s co-founder and CEO.

South Africa will also benefit through a $1.5 million partnership with its Just Energy Transition Programme Management Unit, aimed at attracting new capital and strengthening the shift to clean power.

A Continent-Wide Push

The Alliance stressed that lack of coordination continues to slow progress in Africa’s energy sector. Carol Koech, GEAPP’s vice president for Africa, said: “The Alliance recognizes the tremendous challenge that energy access poses to communities across Africa, and the lack of coordination is a major brake on progress. We are continuing to align public, private and philanthropic partners to channel resources wherever we can to create the greatest impact.”

Since its launch at COP26 in 2021, Global Energy Alliance for People and Planet (GEAPP) has awarded $503 million in catalytic funding, bringing $7.8 billion in investments. Current projects span more than 30 countries and are projected to deliver electricity to 91 million people, generate 3.1 million jobs, and avoid 296 million tons of CO₂ emissions.

This $16 million pledge sharpens its focus on scaling solutions in fragile and underserved markets, where access to power usually determines whether economies can grow or stall.

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According to the latest report by Africa: The Big Deal, 83% of the total was raised by two companies, d.light and Sun King. 

d.light, an energy solutions company providing affordable and sustainable solar power to communities across Kenya, Uganda, and Tanzania, expanded its receivables financing by $300 million.

Sun King, one of Africa’s leading off-grid solar energy providers, secured a $156 million debt facility.

In July, 61 startups announced at least $100,000 in funding, a significant jump compared to the first half of the year, when the number typically hovered around 40 or fewer.

Of the 61 startups, spread across 15 countries, 41 were located in the “Big Four” markets: Nigeria, Egypt, South Africa, and Kenya. However, $493 million, representing 89% of the total funding raised, came from debt deals.

In terms of equity, $58 million was announced, marking the lowest equity funding within a month this year. Rwazi’s $12 million Series A was the largest equity deal in July. 

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At a time when Africa faces increasing climate risks, it is also emerging as a rising hub for climate and clean-tech innovation. 

Through this indirect investment, Swedfund aims to catalyse funding for early-stage local businesses developing solutions in renewable energy, e-mobility, smart logistics, circular economy and regenerative agriculture.

“As the impacts of climate change intensify, it is critical to support businesses building resilient, low-carbon economies. Our investment seeks to unlock financing for innovative companies across Africa that improve lives and livelihoods while reducing emissions,” says Sofia Gedeon, investment director at Swedfund.

By investing in NVIII, a fund structure with broad reach and local presence in countries like Kenya and Nigeria, Swedfund enables capital to reach a larger number of high-impact companies across the continent. This approach supports market development, job creation and access to essential services in underserved communities.

Swedfund’s investment is made alongside other development finance institutions such as Norfund and British International Investment (BII).

The investment was signed in September, 2024

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