Spiro raises $215 million as race for Africa's EV market heats up

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Spiro, the electric mobility company building battery-swapping infrastructure for motorcycles across Africa, has raised $215 million in equity funding as it pushes deeper into a capital-intensive race to electrify urban transport.

The round, backed by investors including Impact Fund Denmark and Equitane, comes four months after Spiro secured $50 million in debt financing and less than a year after a separate $100 million equity raise led by Afreximbank’s Fund for Export Development in Africa (FEDA).

The latest investment signals continued investor appetite for electric mobility businesses that control both vehicles and the infrastructure needed to keep them running. While several African startups have entered the sector, battery-swapping networks remain expensive to build, requiring dense station coverage, battery inventory and local assembly capacity.

Spiro is positioning itself for the growing demand for electric motorcycles as fuel costs rise and governments seek to reduce reliance on imported petroleum products. The company says riders can cut operating costs by up to 40% compared to petrol-powered bikes.