African EV startup Spiro raises R3.4bn to expand battery-swapping network
The investment round was backed by institutional investors, including Impact Fund Denmark and Equitane.
Expansion plans
Spiro said the funding will be used to expand its battery-swapping network, grow its manufacturing and assembly footprint, support technology development and fund expansion into new African markets.
The company currently operates in seven countries: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon.
It is also planning expansion into additional markets, including the Democratic Republic of Congo and Ethiopia.
The company said it has deployed more than 100,000 electric vehicles and 2,500 battery-swapping stations across its existing markets.
Growing focus on EV infrastructure
The investment comes as African countries look to reduce fuel imports, modernise transport systems and strengthen local industrial capacity.
Electric motorcycles and battery-swapping systems have emerged as one of the fastest-growing segments of Africa's EV market, particularly in urban areas where motorcycles are widely used for transport and delivery services.
Spiro said its model allows riders to swap depleted batteries for charged units rather than waiting for vehicles to recharge.
Manufacturing and energy ambitions
The company operates vehicle manufacturing facilities in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria.
Beyond mobility, Spiro said it is also investing in energy infrastructure, including solar-powered battery-swapping stations and battery storage systems.
The company said its technology operations are supported by more than 150 engineers and a portfolio of patents focused on electric mobility and energy systems.
Environmental and economic impact
According to lifecycle assessments commissioned by the company, Spiro's electric motorcycles can reduce climate-related emissions compared with conventional petrol-powered motorcycles.
The company also said riders can lower operating costs through reduced fuel and maintenance expenses.
The latest funding round reflects growing investor interest in electric mobility infrastructure across Africa, particularly as urban populations expand and demand for affordable transport continues to rise.