The investment round attracted backing from several institutional investors, including Denmark’s Impact Fund Denmark and Equitane, providing the company with additional capital to strengthen its position in one of Africa’s fastest-growing clean transportation sectors.

The funding will support the rollout of new battery-swapping stations, expansion into additional markets, and growth of local manufacturing operations.

Spiro currently operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon.

The company said it plans to extend its footprint into new markets, including the Democratic Republic of Congo and Ethiopia, as demand for affordable electric transport solutions continues to rise across Africa.

The company has built one of the continent’s largest electric mobility networks, deploying more than 100,000 electric vehicles and operating 2,500 battery-swapping stations across its seven markets.

The battery-swapping model allows riders to exchange depleted batteries for fully charged ones within minutes, eliminating lengthy charging times and helping commercial riders stay on the road.

Commenting on the milestone, Spiro founder and Equitane Chairman Gagan Gupta said the company had reached a critical stage in its growth journey.

“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality,” said Gupta.

He added that the company has also emerged as a contributor to industrial development across the continent.

“Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”

Beyond vehicle deployment, Spiro has invested heavily in local production infrastructure.

The company operates manufacturing facilities in Kenya, Rwanda and Uganda, while a battery recycling plant in Nigeria supports its efforts to build a circular and sustainable energy ecosystem.

The latest investment comes at a time when African countries are increasingly looking to reduce dependence on imported fossil fuels while addressing rising transportation costs.

Electric motorcycles have emerged as a particularly attractive solution in many African cities, where two-wheel transport plays a central role in moving people and goods.

Industry analysts say battery-swapping technology is helping overcome one of the biggest barriers to electric vehicle adoption by providing riders with quick and convenient access to power.

Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark, said the investment reflects growing confidence in both Spiro’s business model and the broader opportunities within Africa’s electric mobility sector.

“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make,” he said.

The funding is expected to help Spiro scale its infrastructure network, strengthen manufacturing capabilities and advance new technologies aimed at making clean transportation more accessible to millions of riders across Africa.