Spiro, widely regarded as Africa’s largest electric mobility company, has raised $215 million in a new investment round as it accelerates its expansion across the continent and moves closer to unicorn status.
The latest raise builds on a strong funding trajectory. In October last year, the company announced a landmark $100 million investment round, followed in February by a further $50 million in debt financing from Afreximbank.
The company said the latest equity raise builds on the support of long-standing institutional partners such as FEDA, while also attracting new capital from investors across Europe and Africa, reflecting growing global confidence in infrastructure-led business models in emerging markets.
“Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. 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”, stated Gagan Gupta, Founder of Spiro and Chairman of Equitane.
The new funding will support a rapid expansion of its battery-swapping network, strengthen its manufacturing and assembly footprint, accelerate technology development, and enable entry into new high-growth African markets.
