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Spiro, one of Africa’s largest electric motorcycle and battery-swapping companies, has secured an additional $55 million equity investment from Chinese early-stage investor NewTrails Capital, bringing the funding round announced earlier this month to $270 million.
The investment comes three weeks after Spiro disclosed a record $215 million equity raise, one of the largest funding rounds announced in Africa’s electric mobility sector. With the latest commitment, Spiro’s total disclosed funding now stands at about $557 million, cementing its position among the continent’s most heavily funded electric mobility companies.
It also comes less than two weeks after Spiro appointed former Indofast Energy chief executive Anant Badjatya as group CEO. Badjatya previously oversaw a battery-swapping network of more than 1,800 stations in India, one of the world’s most developed markets for the technology.
“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion,” founder and chairman Gagan Gupta said in a statement on Monday.
