African electric mobility company Spiro has secured $215 million in fresh funding to expand its electric vehicle ecosystem and battery-swapping infrastructure across the continent, the company announced on 2nd June 2026.
The investment round attracted backing from several institutional investors, including Denmark’s Impact Fund Denmark and Equitane, signaling growing confidence in Africa’s clean transportation sector. The funding will support the rollout of new battery-swapping stations, expansion into additional markets, and the growth of local manufacturing operations.
Spiro currently operates in seven African markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon. The company said it plans to extend its footprint into the Democratic Republic of Congo and Ethiopia, as demand for affordable electric transport solutions continues to rise across the continent.
The company has built one of Africa’s largest electric mobility networks, deploying more than 100,000 electric vehicles and operating 2,500 battery-swapping stations across its existing 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.
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.
According to the company, Spiro has created 6,000 sustainable direct and indirect jobs across its African markets. Founder Gagan Gupta, who also serves as Equitane Chairman, described the past year as a defining strategic milestone for the company.
“This past year marked a defining strategic milestone for Spiro,” Gupta said. “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.”
He added that Spiro has become a major driver of local industrialisation, value creation, and manufacturing across African markets. “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,” Gupta said.
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.
For commercial riders, time off the road means lost income. Swapping a depleted battery for a fully charged one takes minutes, compared to the hours required for conventional charging. That efficiency has made Spiro’s model especially popular among boda boda riders and delivery drivers.
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,” Bertram said. “That is exactly the type of investment we want to make.”
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 the continent.
The $215 million raise comes at a time when African countries are increasingly looking to reduce dependence on imported fossil fuels while addressing rising transportation costs. Electric mobility has emerged as a priority sector for several governments, with policy reforms and incentives being introduced to encourage adoption.
Spiro’s announcement follows other recent e-mobility investments on the continent, including GOGO Electric’s funding to boost production in Uganda and Visa’s investment in Nigerian fintech Moniepoint, highlighting the growing appetite for African tech-driven ventures.
With the new funding, Spiro plans to accelerate its infrastructure rollout, enter the DR Congo and Ethiopia markets, and deepen its local manufacturing capabilities. The company’s battery recycling plant in Nigeria will also be expanded as part of its commitment to a circular economy.
For millions of African motorcycle riders who rely on two wheels for their livelihoods, the expansion means greater access to affordable, clean, and reliable transport. And for the continent’s climate goals, it represents a significant step toward reducing emissions from one of the fastest-growing sources of fossil fuel consumption.