Africa’s largest electric-mobility startup, Spiro, has raised US$100 million in fresh equity and debt financing — the largest e-mobility investment on the continent — to scale production of electric motorbikes and expand its network of battery-swapping stations across Kenya, Nigeria, Rwanda, and Uganda.
(Financial Times, Oct 20 2025)
The round was led by SoftBank Vision Fund II and African Infrastructure Investment Managers (AIIM), with participation from the IFC, Toyota Tsusho, and several climate-tech funds focused on decarbonizing Africa’s transport systems.
Founded in 2022, Spiro operates a network of over 15,000 electric motorbikes and 2,000 battery-swap stations. The company says the new funding will enable it to triple capacity and enter new markets, including Côte d’Ivoire and Benin, within the next 18 months.
Chief Executive Officer Kaushik Burman said the company’s goal is to make electric mobility “accessible and profitable for African riders.” He added that Spiro’s model—built around battery leasing instead of ownership—lowers costs for commercial riders and significantly cuts carbon emissions in congested cities.
The African Development Bank estimates that Africa’s two- and three-wheeler market will reach 20 million vehicles by 2030, with electrification saving over 60 million tonnes of CO₂ emissions annually.
Experts see Spiro’s model as a blueprint for integrating clean-energy infrastructure, fintech-based payment models, and mobility innovation into one scalable ecosystem.
“This funding marks a turning point for Africa’s e-mobility future,” said Rachel Muriuki, a transport economist at the University of Nairobi. “It’s not just about replacing engines with batteries—it’s about building an ecosystem that links livelihoods, sustainability, and technology.”
