Pan-African electric mobility company Spiro has successfully raised $100 million in its latest funding round, marking a significant milestone in the continent’s transition to sustainable transportation. The investment is led by the Fund for Export Development in Africa (FEDA), a subsidiary of Afreximbank, contributing $75 million, with the remaining funds provided by an undisclosed venture capital firm.
Founded in 2019 and headquartered in Nairobi, Kenya, Spiro operates in multiple African countries, including Nigeria, Kenya, Uganda, Rwanda, Togo, and Benin. The company manufactures electric motorbikes and operates a network of battery-swapping stations, aiming to reduce the continent’s reliance on fossil fuels and improve urban air quality.
With the new funding, Spiro plans to expand its production capacity to 15,000 electric bikes per month and increase its battery-swapping stations from 1,200 to 3,500 by the end of 2025. The company also aims to have 100,000 electric vehicles on the road across Africa by year-end, a significant increase from its current fleet.
Spiro’s electric bikes are designed to be more affordable to operate than traditional petrol-powered motorcycles, with running costs at least 30% lower. Priced between $800 and $1,000, these bikes are increasingly used for delivery services and ride-hailing platforms, contributing to reduced urban pollution and lower transportation costs for users.
As part of its expansion strategy, Spiro is set to launch its first electric vehicle assembly plant in Nigeria in 2025, aiming to bolster local manufacturing capabilities and create job opportunities. The company is also exploring new markets in Tanzania, Ghana, and Cameroon, with plans to enter the Democratic Republic of Congo and Angola in the near future.
Through these initiatives, Spiro is positioning itself as a leader in Africa’s electric mobility sector, driving both economic growth and environmental sustainability across the continent.
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