Spiro Strengthens Expansion Plans with Fresh $55 Million Investment

Spiro has secured additional funding to accelerate its growth across Africa. The new investment pushes the company’s latest fundraising round to $270 million.

The electric mobility firm announced it had received a further $55 million in equity financing from Chinese investor NewTrails Capital, increasing the value of its current funding round from $215 million to $270 million. The latest injection also raises Spiro’s total disclosed funding to approximately $557 million, cementing its position among Africa’s most heavily financed electric mobility companies.

The new capital is expected to support the expansion of Spiro’s battery-swapping network, manufacturing capacity and energy infrastructure across key African markets, including Kenya, Uganda, Rwanda and Nigeria.

The funding comes shortly after the company appointed former Indofast Energy chief executive Anant Badjatya as its Group CEO, a move aimed at strengthening leadership as the firm scales its operations.

Founded in 2022 by Gagan Gupta, Spiro has rapidly expanded its footprint across the continent. The company says it has deployed more than 100,000 electric vehicles and established over 2,500 battery-swapping stations across seven African countries.

The latest investment adds to a growing list of institutional backers supporting the company. Its investors include Impact Fund Denmark, Equitane, FEDA, Nithio, African Export-Import Bank (Afreximbank) and the Africa Go Green Fund.

The fresh funding highlights continued investor confidence in Africa’s electric mobility sector as companies race to build the infrastructure needed to support the continent’s transition to cleaner transportation.