· The $100 million investment round, led by The Fund for Export Development in Africa (FEDA), recognizes Spiro’s leadership position in Africa’s mobility industry and highlights Spiro’s advanced two-wheel battery swapping infrastructure.
· Spiro expects to surpass 100,000 deployed vehicles for 2025 – a 400% year-over-year jump.
Spiro, Africa’s leading electric mobility company, has raised $100 million in new funding, the continent’s largest-ever investment in the sector marking a major milestone for the region’s transition toward sustainable transportation.
This includes $75 million from The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank). The investment emphasizes Spiro’s mission to provide affordable and accessible mobility to the masses while transforming Africa’s clean energy and urban transport sectors.
“Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles.”
“For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles,” said Kaushik Burman, CEO of Spiro.
“This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.”
Spiro will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its technology platform. Spiro expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world’s foremost battery-swapping providers.
“We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,” said Professor Benedict Oramah, president of Afreximbank, and chairman of the boards of directors of Afreximbank and FEDA.
Founded in 2022, Spiro has a vision to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles. Spiro is committed to creating solutions that are made in Africa, by Africans for Africa & the world.
Today, Spiro operates Africa’s fastest growing and largest battery swapping infrastructure operating commercially in six African countries that include Kenya, Uganda, Rwanda, Nigeria, Benin and Togo. The company recently launched pilot programs in Tanzania and Cameroon.
Before this latest round, Spiro had secured more than $180 million from Equitane and Société Générale, reinforcing investor confidence in the company’s long-term growth strategy.
With more than 60,000 electric motorcycles, over 1200 battery swapping stations and more than 26 million battery swaps to date, Spiro has achieved over 800 million kms of low-carbon emissions travel, transforming mobility and economies through substituting expensive imported fossil fuel-based transportation with affordable, accessible and sustainble solutions. Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro is committed to delivering electric vehicles made in Africa by Africans for Africa & the world.
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank (www.afreximbank.com), set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa.
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.
To date, FEDA has invested more than US$1.3 billion in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare and pharmaceuticals, amongst others.
Source: Africabusinessinsider
