Funding will expand battery-swapping networks and electric vehicle deployment across seven African markets and beyond.
African electric vehicle company Spiro has raised $215 million in equity financing to accelerate its expansion across the continent. The funds will support the growth of its battery-swapping infrastructure, local manufacturing, and entry into new markets like the Democratic Republic of Congo and Ethiopia.
Spiro currently operates in seven countries, including Kenya, Rwanda, and Nigeria, with 100,000 electric vehicles and 2,500 smart-swap stations deployed. The investment round was led by institutional investors, reflecting rising interest in Africa’s clean transport sector amid efforts to reduce fossil fuel dependence.
The company did not disclose its valuation but emphasized plans to make sustainable mobility more accessible. The funding aligns with broader regional goals to modernize urban transport and improve energy security as fuel prices climb.