Spiro Secures $100 Million to Propel African Electric Mobility Expansion
Nairobi-headquartered electric vehicle (EV) startup, Spiro, has successfully raised $100 million in new funding, marking a significant milestone for Africa’s burgeoning electric mobility sector. This substantial investment is earmarked for the ambitious expansion of Spiro’s innovative battery-swapping network and its strategic entry into new African markets, specifically Cameroon and Tanzania. The company has confirmed this financing round as the largest investment ever seen within Africa’s two-wheel EV industry, underscoring the continent’s growing potential for sustainable transport solutions.
A Pivotal Investment for Africa’s EV Landscape
The $100 million funding round primarily comprises equity financing, with a substantial $75 million contribution from Afreximbank’s Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank. A Spiro spokesperson confirmed this to TechCabal, highlighting FEDA’s crucial role in this landmark deal. This latest capital injection elevates Spiro’s total debt and equity financing to an impressive $280 million, demonstrating strong investor confidence in its business model and future growth. While the company celebrates this achievement, Spiro opted not to disclose its current valuation, stating, “As a private company we are not at liberty to disclose our valuation at the moment.” This raise represents a pivotal moment for Africa’s electric mobility, particularly as two-wheel transport dominates urban landscapes and demand for more affordable and cleaner alternatives is rapidly accelerating across the continent. Spiro’s strategic focus on scaling its battery-swapping infrastructure positions it at the forefront of the race to electrify African transportation.
This significant funding empowers Spiro to aggressively scale its operations and bring cleaner, more efficient electric two-wheelers to more African communities. As the continent grapples with urbanization and environmental concerns, Spiro’s expansion of its battery-swapping network offers a practical and scalable solution for riders seeking cost-effective and sustainable alternatives to traditional petrol-powered bikes. This investment not only fuels Spiro’s growth but also serves as a strong indicator of the immense potential for green innovation and economic development within Africa’s vibrant tech and mobility sectors.
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