Spiro has secured a landmark $215 million (approximately KES 28 billion) equity funding round to accelerate the expansion of its electric vehicle (EV) and energy infrastructure across Africa. This significant capital injection, backed by major institutional investors including Impact Fund Denmark and the Equitane Group, marks a major milestone in transitioning Africa’s transport sector toward sustainable energy
What makes Spiro unique is its Battery-as-a-Service (BaaS) model, instead of requiring riders to purchase expensive batteries or wait hours for charging, the company retains ownership of the batteries and operates a network of swapping stations where depleted batteries can be exchanged for fully charged ones in less than a minute. This approach removes two of the biggest barriers to electric vehicle adoption, high upfront costs and concerns about running out of power during the day.
The model has proven highly successful as Spiro currently operates more than 2,500 battery-swapping stations and has deployed between 80,000 and 95,000 electric motorcycles across countries including Kenya, Uganda, Rwanda, and Nigeria. The company has facilitated over 30 million battery swaps and powered more than one billion kilometers of carbon-free travel, demonstrating that electric mobility can work at scale in Africa.
Spiro is also investing in local manufacturing. It runs assembly plants in Kenya, Uganda, Rwanda, and Nigeria, creating jobs and strengthening regional supply chains. Its Nairobi facility, which features an all-women assembly line, highlights the company’s broader commitment to inclusive industrial growth. Currently, between 30% and 40% of components are sourced locally, with ambitions to increase that figure significantly in the coming years.
Spiro’s Funding
The company’s rapid growth has attracted substantial investor confidence. Over the past two years alone, Spiro has secured more than $200 million in funding from development finance institutions and climate-focused investors. This support reflects growing recognition that Africa’s electric mobility future will depend not only on vehicles, but also on the infrastructure that keeps them running.
That confidence has now been reinforced by a new $215 million equity investment backed by Impact Fund Denmark and Equitane. The funding will support Spiro’s expansion into new markets such as the Democratic Republic of Congo and Ethiopia, while accelerating growth in Morocco, Tanzania, and Cameroon. It will also be used to expand the company’s battery-swapping network, develop new technologies including solar-powered stations, and explore second-life applications for used batteries.
“The investment in Spiro offers the prospect of solid returns for the Danish pension funds and, at the same time, a large climate impact. We mobilise both private and public capital and help push the green transition forward in Africa. Every motorcycle that switches from gasoline to electricity makes a difference to the climate, and at the same time it becomes cheaper to drive, so drivers earn more. Africa is one of the world’s most interesting growth markets for e-mobility, and this is exactly the type of investment our SDG Fund II is built for.”Lars Bo Bertram, CEO of Impact Fund Denmark
The company is helping reduce Africa’s dependence on imported fossil fuels while building a cleaner, more resilient transport ecosystem. With millions of petrol-powered motorcycles still on African roads, investors see an opportunity not only for strong commercial returns but also for meaningful environmental impact. As the continent embraces greener mobility solutions, Spiro is positioning itself as one of the companies leading that transformation.
Also read:KPLC Records KES 382 Million Revenue from E-Mobility Sector as Adoption Surges
