Spiro raises landmark $100 million funding to scale swap stations

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Africa’s leading electric motorcycle company Spiro has raised $100 million 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 industry-leading battery-swapping infrastructure across existing and new markets. 

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

• Swapping stations are the critical cog in the adoption of electric motorcycles. The funding will give Spiro significant muscle to widen the gap in network coverage with its competitors in the eight markets in which it operates. 

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