Spiro Accelerates Electric Mobility Expansion with $55 Million Investment

Kenyan electric mobility leader Spiro has closed its latest funding round at $270 million after securing an additional $55 million investment. This positions the company as one of Africa’s most heavily-backed in the e-mobility sector.

Spiro operates the continent’s largest battery-swapping network for electric two-wheel vehicles, with over 95,000 motorcycles and 2,500 swapping stations across seven countries: Kenya, Uganda, Nigeria, Rwanda, Togo, Cameroon, and Benin. To date, Spiro has facilitated more than 30 million battery swaps, enabling over 1 billion kilometers of low-carbon travel.

The new investment comes from NewTrails Capital, a Chinese growth-stage fund with expertise in emerging markets. This follows earlier commitments from institutional investors like Impact Fund Denmark and Equitane, which previously brought the funding to $215 million.

“We’re thrilled to welcome NewTrails Capital as we continue our mission to transform transportation across Africa,” said Gagan Gupta, founder of Spiro. “Their investment demonstrates confidence in our business model and will fuel our expansion into new markets.”

Yufan Zhang, founding partner of NewTrails Capital, highlighted Spiro’s potential to drive a broader energy revolution in Africa. He noted the company’s localized operating capabilities, integrated supply chain, digital ecosystem, and strong unit economics as key strengths.

Spiro’s success underscores growing investor interest in African climate-tech solutions that address both environmental sustainability and economic development challenges.