Spiro, Africa’s leading electric two-wheel mobility company, has announced a landmark $100 million investment round, the largest-ever single funding in the continent’s electric motorcycle sector.
The round includes a $75 million commitment from The Fund for Export Development in Africa (FEDA), the impact investment arm of Afreximbank, and an additional $25 million from an undisclosed venture capital investor.
Scaling Battery-Swapping Infrastructure Across Africa
The capital injection will fuel Spiro’s expansion of its battery-swapping network and electric motorcycle fleet across Africa. CEO Kaushik Burman emphasised the market’s readiness for sustainable transport:
“Africa is at an inflection point in personal mobility,” Burman said. “Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles.”
He added that sustainability is now aligned with profitability:
“Electric vehicles perform better, cost less to operate, and offer greater profitability than traditional gas-powered vehicles.”
Strategic Investment for Industrial Development
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA, framed the investment as a catalyst for Africa’s industrial transformation:
“Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa.”
He noted that the partnership aims to stimulate local vehicle manufacturing, strengthen regional integration, and reduce reliance on imported second-hand vehicles.
Rapid Growth and Market Leadership
Founded in 2019 as MAuto and relaunched as Spiro in 2022, the company now operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs in Tanzania and Cameroon. Spiro has deployed 60,000 electric motorcycles and 1,200 battery-swapping stations, making it the largest operator of its kind in Africa.
The company aims to surpass 100,000 deployed vehicles by 2025 and reach 2 million electric motorbikes by 2030, supported by assembly facilities in Uganda, Kenya, Nigeria, and Rwanda.
FEDA’s Broader Impact
Marlene Ngoyi, CEO of FEDA, praised Spiro’s scalable model:
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model.”
FEDA, headquartered in Kigali, has deployed over $1.3 billion in equity, quasi-equity, and debt capital across sectors including manufacturing, healthcare, and financial services.
Unlocking Climate Finance Through Carbon Markets
Spiro has also announced a strategic partnership with Zeroca, a carbon credit aggregator specialising in premium compliance markets. The collaboration aims to unlock climate finance for sustainable transport initiatives in Kenya and Nigeria.
The partnership will leverage Article 6 ITMO transactions under the Paris Agreement to generate measurable and tradable climate finance from Spiro’s electric mobility projects.
“This move aims to accelerate the transition from fossil fuel-powered motorcycles to sustainable electric transport across Africa,” the companies stated.
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