Spiro raises landmark $100 million funding

From the newsletter

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.  

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