Kenya-based Spiro, a leader in two-wheel transportation and battery-swapping, has raised US$215 million in equity funding to scale electric mobility and energy infrastructure across Africa.
Spiro is Africa’s largest electric mobility company, operating the continent’s most extensive and fastest growing network of battery-swapping for electric two-wheel vehicles. It has operational assembling facilities in Uganda, Kenya, Nigeria, Rwanda, Togo, Cameroon and Benin.
With more than 95,000 electric motorcycles, over 2,500 battery swapping stations and more than 30 million battery swaps to date, Spiro has achieved over 1 billion kilometres of low-carbon emissions travel, the company is substituting expensive imported fossil fuel- based transportation with affordable, accessible and sustainable solutions. The company raised US$100 million in funding last October and then a further US$50 million earlier this year to fund its expansion, which recently began by launching in Rwanda and Cameroon.
It has now banked a whopping US$215 million investment round backed by major institutional investors including Impact Fund Denmark and Equitane. The investment will support the expansion of Spiro’s battery-swapping network, strengthen its industrial and assembly footprint, accelerate technology development, and support the company’s entry into new high-growth African markets.
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make,” said Lars Bo Bertram, CEO of Impact Fund Denmark.