Spiro Raises $100m for Africa’s EV Push

Key Figures & Findings: Africa’s electric two-wheeler leader Spiro has raised the largest investment in African electric mobility to date, led by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank, which contributed $75 million. This new round brings Spiro’s total funding to $280 million, including prior backing from Equitane and Société Générale. 

 Statistics & Insights:

• Investment: $100 million new round (largest ever in African e-mobility).

• Scale: Spiro operates in six African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, and expects to surpass 100,000 deployed vehicles by the end of 2025 (a 400% jump).

• Local Impact: The model helps riders save 30% on operating costs, and the investment is positioned to stimulate local vehicle manufacturing.

Future Implications: If executed successfully, Spiro’s new investment could catalyze Africa’s transition from fuel to electric transport, creating regional supply chains and new jobs in vehicle manufacturing, energy distribution, and maintenance. 

Source: CleanTechnica

Quick Take: Africa’s EV race just shifted gears with a $100 million boost, proving that reliable battery-swapping networks are the most viable solution to replacing petrol motorcycles across the continent.