Spiro Raises $100M, the Largest-Ever Investment in Africa’s E-Mobility
Africa’s electric mobility revolution just hit a new milestone as Spiro raises $100M, the largest-ever investment in Africa’s e-mobility sector. The Dubai-headquartered company, known for its electric motorbikes and battery-swapping network, is rewriting Africa’s EV story—one ride at a time.
Image Credits:Spiro
Breaking Records in Africa’s EV Market
The $100 million funding round, led by The Fund for Export Development in Africa (FEDA) — the investment arm of Afreximbank — marks a turning point for sustainable transport in the region. This is Africa’s biggest e-mobility investment to date, signaling growing confidence in the continent’s transition to clean, affordable transportation.
According to Spiro, the funds will accelerate its expansion plans, helping the company deploy over 100,000 electric bikes by the end of 2025. That’s a remarkable 400% year-over-year growth — a clear indicator that Spiro is not just competing but setting the pace for Africa’s EV industry.
From Local Startup to Continental Powerhouse
Spiro’s rise has been nothing short of meteoric. Two years ago, the company had a modest fleet of just 8,000 electric motorbikes and 150 battery swap stations across Benin and Togo. When CEO Kaushik Burman, formerly of Taiwanese EV leader Gogoro, took the helm, he brought a clear vision: make e-mobility scalable and accessible across Africa.
That vision is now coming to life. With this record-breaking $100M raise, Spiro plans to rapidly expand its infrastructure, targeting new markets such as Rwanda, Kenya, and Uganda. The company aims to make electric motorbikes the default mode of urban transport — reducing emissions, cutting fuel costs, and creating thousands of local jobs.
Why Spiro’s $100M Raise Matters
This landmark funding doesn’t just validate Spiro’s business model; it reflects a broader shift in investor sentiment toward Africa’s clean energy and e-mobility ecosystem. The continent’s young, tech-savvy population and high motorcycle demand create ideal conditions for EV adoption — provided that infrastructure challenges are solved.
Spiro’s battery-swapping system addresses one of Africa’s biggest pain points: unreliable electricity grids. By allowing riders to swap batteries in seconds, the company eliminates downtime and makes e-motorbikes as convenient as fuel-powered ones.
Building Africa’s EV Future
With Spiro raising $100M, the company is poised to redefine how mobility works across the continent. Its next focus includes expanding charging networks, developing local manufacturing partnerships, and working with governments to promote EV-friendly policies.
This isn’t just a win for Spiro — it’s a major leap for Africa’s sustainability goals and economic resilience. As global investors look for the next frontier of green innovation, Africa’s e-mobility sector is finally shifting from promise to progress, with Spiro leading the charge.
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