Spiro, the ebike and battery swapping firm, has raised $100 million to provide affordable and accessible mobility to the masses while transforming Africa’s clean energy and urban transport sectors.
The investment round, the largest investment in African two-wheel electric mobility ever, includes $75 million from The Fund forExport Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank).
According to Kaushik Burman, CEO of Spiro,“This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.”
Spiro will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its technology platform. The firm expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world’s foremost battery-swapping providers.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Professor Benedict Oramah, president of Afreximbank, and chairman of the boards of directors of Afreximbank and FEDA.
Founded in 2022, Spiro has a vision to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles. Spiro is committed to creating solutions that are made in Africa, by Africans for Africa & the world. Today, Spiro operates Africa’s fastest growing and largest battery swapping infrastructure operating commercially in six African countries that include Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. The company recently launched pilot programs in Tanzania and Cameroon.
Prior to this latest round, Spiro had secured more than $180 million from Equitane and Société Générale.
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