Spiro raises $215 million to expand electric motorcycle battery-swapping network across Africa

African electric vehicle startup Spiro raised $215 million in equity financing to scale its battery-swapping infrastructure and electric mobility operations, the company said on June 1, 2026. The round, backed by Europe- and Africa-based institutional investors including Denmark’s Impact Fund, signals growing confidence in the continent’s clean transport sector. Spiro has deployed 100,000 electric motorcycles and 2,500 battery-swap stations across seven countries: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. The new capital will fund expansion into the Democratic Republic of Congo and Ethiopia, strengthen local manufacturing and assembly, and grow its swapping network. The company said riders can reduce daily transport costs by up to 40%, saving roughly $2 a day versus gasoline-powered bikes. Spiro also operates a battery recycling facility in Nigeria and is developing solar-powered swap stations. While Africa’s electric mobility market remains small compared to Asia and Europe, it is expanding rapidly as governments push cleaner transport policies and startups deploy models that lower upfront costs.