Spiro Receives $18 Million Boost for Rwandan and Ugandan Expansion

Kenyan electric mobility leader, Spiro, has secured an additional $18 million in debt financing from the Africa Go Green Fund (AGG). This investment will support the company’s expansion into Uganda and Rwanda, where it aims to provide affordable, sustainable transportation solutions.

Spiro operates what is now considered Africa’s largest network for electric two-wheel vehicles with over 135,000 motorcycles, more than 2,500 battery swapping stations, and over 50 million battery swaps completed. The company has already facilitated over 1 billion kilometers of low-carbon travel, displacing costly fossil fuel imports with cleaner alternatives.

The additional funding builds on a previous commitment from AGG, which has now doubled to $36 million in total. This follows Spiro’s earlier successful capital raise of $55 million that valued the company at $270 million. The new investment will primarily support the deployment of more electric motorcycles and the expansion of battery-swapping infrastructure in Uganda and Rwanda.

Spiro has recently launched mega battery-swap stations in Kenya and Rwanda to enhance rider convenience and reliability. These larger facilities provide quicker access to charged batteries, reducing downtime for riders and improving overall service quality. The company’s focus on building a robust energy network underscores its commitment to providing dependable electric mobility solutions.

“Africa Go Green Fund’s decision to double their investment is a strong endorsement of our progress and the potential of electric mobility in Africa,” said Spiro founder Gagan Gupta. “We have shown that market-driven models can scale rapidly while delivering both environmental impact and financial returns.”

Laurène Aigrain, managing director of AGG, added: “By making electric transportation more accessible, Spiro is addressing climate change and improving livelihoods simultaneously. We’re excited to deepen our partnership as they expand across East Africa.”