Spiro raises landmark $100 million funding

October 21, 2025

Dear subscriber, 

Today, history is made as Africa’s EV sector inks its first $100m deal. Also, read why a new government policy is unexpectedly driving EV adoption in Nigeria.

Brian Ambani – Editor 

Africa’s leading electric motorcycle company Spiro has raised $100 million in new funding, the biggest in the two-wheeler segment. It includes $75 million from The Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank. Spiro will use the funding to expand its battery-swapping infrastructure across existing and new markets on the cointinent. 

  • The new funding raises the total investment into Spiro to more than $213 million in the past two years alone, more than any other EV company. It raised $50 million in May 2024 and $63 million in August 2023. 

  • The funding will give Spiro significant muscle to improve its position in network coverage in the eight markets in which it operates. 

  • Our take: This landmark funding deal shows investor confidence in the future of electric two-wheelers… Read more (2 min)

US-based EV giant Tesla, Egyptian charging company Elsewedy Plug and electric motorcycle firm Spiro are the three fastest-growing EV companies in Africa based on the number of senior employees. Mobility Rising arrived at this analysis helped by LinkedIn data. The companies have increased their senior-level staff by 61%, 50% and 46% respectively in the past 12 months. 

  • The trio are among the 25 top EV companies we analysed this month. The others are Kiira, Kofa, Dodai, BasiGo, Greenwheels, Blu EV, BYD, Zembo, Saglev, Gogo, Ampersand, ARC Ride and Wahu Mobility. Others are Zero Carbon Charge, Shift EV, GridCars, eBee Africa, eMo Mobility, Max, Roam, SolarTaxi and Rubicon.   

  • Combined, these companies have 4,273 senior staff listed on LinkedIn. A third of them (1,433) were hired in the past 12 months, underlining the EV sector’s rapid growth. 

  • Our take: Hiring momentum will increase further with additional capital such as the most recent Spiro raise… Read more (2 min)

The end of fuel subsidies in 2023 created economic hardship but also opened a pathway for Nigeria to reimagine its mobility future, says Abiola Adekoyejo, the convener of the EV Nigeria Expo. EV adoption offers a chance to align industrial growth with clean energy goals, he also says. Integrating EVs with renewable energy can drive decarbonisation and energy security.

  • Opportunities lie in new micro-business models such as battery swapping, EV repair services and mobile charging stations.

  • Mr Adekoyoje says, the private sector should drive investment in charging infrastructure, innovative financing models and smart fleet management tools.

  • Click here to read the full opinion… (4 min)

E-Safiri CEO Carol Ofafa attends an innovation awards ceremony in Senegal

Events

📅 Register for a webinar on Dakar’s electric public transport (Oct 28)

📅 Attend a webinar on electrifying two- and three-wheelers (Oct 28)

📅 Book a slot at the Africa EVs Expo in Kenya (Dec 4)

Jobs

👷🏻‍♀️ Become an Assembly Engineer at CFAO Mobility (Kenya)

🗺️ Join Mogo as a Field Collections Team Lead (Uganda)

📊 Apply for Senior Marketing Specialist's role at Dodai (Ethiopia)

Various 

🔌 Battswap Automotive to establish an EV production plant in Addis Ababa

💰 Ghana courts Chinese capital for electric vehicle ambitions

🛵 TankVolt partners with Banana Stores to distribute e-motorcycles in Uganda

Seen on LinkedIn 

Wilfred Simon, Spiro’s Business Development Lead, says, “Scaling of electric mobility goes hand in hand  with an extensive energy network infrastructure - a capital intensive venture by nature. For this reason, the place for carbon finance remains crucial. More African countries need to come onboard & increase liquidity of domestic carbon markets to support the needed energy infrastructure roll out.”