Kenya’s Leading Electric Mobility Company Attracts New Investment

Kenyan startup Spiro, a pioneer in two-wheel electric transportation and battery swapping solutions, has closed its latest funding round with an additional $55 million investment. This brings the total raised to $270 million, solidifying Spiro’s position as Africa’s largest e-mobility company.

Rapid Growth Across Multiple Markets

Spiro operates a rapidly expanding network of battery-swapping stations across seven African countries: Kenya, Uganda, Nigeria, Rwanda, Togo, Cameroon, and Benin. With over 95,000 electric motorcycles in operation, the company has facilitated more than 30 million battery swaps to date—achieving over 1 billion kilometers of low-carbon emissions travel.

New Funding from Chinese Investor

The additional capital comes from NewTrails Capital, a growth-stage investment fund based in Shanghai and Shenzhen with strategic operations in Nigeria. This marks a significant milestone as Spiro continues to expand its reach across the continent.

“We thank NewTrails Capital for believing in our vision,” said Gagan Gupta, founder of Spiro and chairman of Equitane. “Having proven our model with over 100,000 vehicles and 2,500 stations deployed, we’re ready to accelerate our pan-African expansion.”

Strategic Significance of the Investment

NewTrails Capital views Spiro as driving a profound “energy revolution” in African mobility. Yufan Zhang, founding partner at NewTrails, noted that Spiro addresses critical market pain points with its integrated solution encompassing vehicles, batteries, charging infrastructure, payments, and service networks.

This investment underscores the growing importance of Chinese supply chains and financing in Africa’s energy transition—a trend that aligns with both countries’ strategic interests. As a long-term investor, NewTrails Capital aims to support Spiro’s continued growth and contribute to Africa’s broader shift towards sustainable transportation.