Spiro has secured an additional $55 million in funding, weeks after announcing a $215 million raise, as the company continues its push to expand electric motorcycle adoption and battery-swapping infrastructure across Africa.
The latest funding comes as Spiro strengthens its position in Africa’s growing electric vehicle market, where the company is building a network of electric motorcycles supported by battery exchange stations.
The company’s model allows riders to swap depleted batteries for fully charged ones, reducing downtime and addressing charging challenges associated with electric mobility.
The new capital follows Spiro’s major $215 million equity funding round announced earlier in June, which was backed by institutional investors including Impact Fund Denmark and Equitane.
The company said the investment would support expansion into new African markets, increase manufacturing capacity, and scale its battery-swapping network.
With operations across markets including Nigeria, Kenya, Rwanda, Uganda, Benin, Togo and Cameroon, Spiro has positioned itself as one of Africa’s largest electric mobility players.
The company has also been investing in local assembly capacity and energy infrastructure to support its growing fleet.
The additional funding highlights growing investor interest in Africa’s clean transportation sector as governments and businesses seek alternatives to fossil-fuel-powered transport.
Spiro’s strategy focuses on combining electric motorcycles with battery infrastructure, creating an ecosystem rather than only selling vehicles.
The company’s expansion plans come amid increasing demand for affordable mobility solutions across African cities, where motorcycles remain a key mode of transportation for commuters and commercial riders.
Spiro has previously raised debt financing and equity investments to scale its operations and strengthen its technology platform.
written by Folake Balogun, BusinessDay