Spiro, which runs electric motorcycles and battery-swap stations across Africa, announced $215m in equity financing on 1 June 2026. The round came from institutional investors in Europe and Africa, according to the Associated Press.
The company named Impact Fund Denmark and Equitane among the investors. Electrive reported that long-standing backer FEDA also continued its support. Spiro did not say who led the round, did not publish a full investor list and did not disclose a valuation.
Electrive added an update dated 24 June: Spiro reportedly secured a further $55m from the Chinese investor NewTrails Capital, which would bring the latest financing to $270m. The extra amount is not part of the $215m announced on 1 June.
What Spiro does
Spiro sells electric motorcycles and operates the battery-swap network that powers them, so riders exchange a depleted battery for a charged one instead of waiting to recharge. The company says riders can cut daily transport costs by up to 40%, saving as much as $2 a day compared with petrol motorcycles.
It operates in seven markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. It has manufacturing plants in Kenya, Rwanda and Uganda and a battery recycling facility in Nigeria. Electrive reported that it has deployed 100,000 electric vehicles and 2,500 smart-swap stations and supports about 6,000 direct and indirect jobs. Those figures come from the company.
Spiro is also developing solar-powered battery-swapping stations and second-life battery storage systems, the AP reported.
Who invested
Equitane is described as the investment platform that Spiro founder Gagan Gupta chairs, so it is an insider as well as an investor. Impact Fund Denmark brought Danish pension capital into the deal. Its chief executive, Lars Bo Bertram, described the deal as a way to bring Danish pension money into a fast-growing African market.
FEDA was named by Electrive as a long-standing investor that continued its support. The wider group was described only as European and African institutions.
What the money is for
Spiro said the capital will expand its electric vehicle and battery-swapping infrastructure across Africa, strengthen industrial and assembly capacity, advance technology development and open new markets. It named the Democratic Republic of Congo and Ethiopia as the next countries.
Gupta called the past year a defining strategic milestone for Spiro and said the company had turned sustainable mobility into an affordable, everyday reality for riders.
Funding context
The sources opened for this article did not give amounts or dates for Spiro's earlier rounds or its cumulative funding, so none are stated here. The announcement did not attach a venture stage label to the round.
The $215m figure is the amount the company announced. Spiro has not said how much each investor contributed, and neither the AP nor Electrive reported a headcount for the company.
Company website: spironet.com