Spiro Raises Another $55 Million in Latest Funding Round

Electric mobility company Spiro has announced a new investment of $55 million from Chinese investor NewTrails Capital, bringing its total funding to over half a billion dollars. This follows closely on the heels of a recent $215 million equity raise and reflects growing confidence in Africa’s electric vehicle market.

Strategic Expansion Plans

The additional capital will fuel Spiro’s expansion across key markets including Nigeria, Kenya, Uganda, and Rwanda. The company aims to build out its battery-swapping network—a core component of its long-term strategy—which allows riders to exchange depleted batteries for fully charged ones.

This infrastructure investment is essential as Spiro moves beyond simply selling electric motorcycles towards creating a comprehensive ecosystem that includes manufacturing facilities, logistics networks, and energy solutions. The company currently operates over 2,500 battery-swapping stations across seven countries and has deployed more than 100,000 electric vehicles.

Recent Momentum

The latest funding round builds on a series of strategic moves by Spiro:

• Acquisition of Coexlion, an EV engineering consultancy
• Appointment of Anant Badjatya as group CEO with extensive battery-swapping experience
• Deployment of over 100,000 electric vehicles and 2,500+ swapping stations

With this new investment, Spiro is positioned to accelerate its mission of providing affordable and sustainable transportation solutions across Africa.