Spiro Accelerates Pan-African Expansion with New $55 Million Funding

Spiro, a leading electric motorcycle and battery-swapping company in Africa, has announced another significant investment of $55 million from Chinese early-stage investor NewTrails Capital. This latest commitment brings the total funding round to $270 million, solidifying Spiro’s position as one of the continent’s most well-funded electric mobility companies.

With this additional capital, Spiro has now raised a total of approximately $557 million since its inception. The company plans to use these funds to expand its battery-swapping network, manufacturing capabilities, and energy infrastructure across key markets including Kenya, Uganda, Rwanda, and Nigeria.

The investment comes at a pivotal time for Spiro, following the recent appointment of Anant Badjatya as group CEO – former chief executive of Indofast Energy. Badjatya brings extensive experience in building battery-swapping networks, having previously overseen more than 1,800 stations in India.

“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for our next phase of growth,” said founder and chairman Gagan Gupta. “Their long-term perspective aligns perfectly with our vision for sustainable mobility across Africa.”

NewTrails Capital views Spiro as an infrastructure-like business that is essential to Africa’s energy transition. Yufan Zhang, Founding Partner at NewTrails Capital, commented: “Spiro is still a young company, and everything today is only the beginning. We look forward to continuing our partnership and helping accelerate Africa’s new energy future.”

Founded in 2022, Spiro has already deployed over 100,000 electric vehicles and established more than 2,500 battery-swapping stations across seven countries. The company’s investor base includes Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank, and the Africa Go Green Fund.