Spiro raises $215M to expand electric motorcycle network in Nigeria, Africa

Spiro, the electric mobility company developing battery-swapping infrastructure for motorcycles, has secured $215 million in equity funding to accelerate expansion across Nigeria and six other African countries. The latest round comes just four months after securing $50 million in debt financing and less than a year after a $100 million equity raise led by Afreximbank's FEDA.

Spiro now operates in Nigeria, Kenya, Rwanda, Uganda, Togo, and Cameroon, with over 100,000 electric motorcycles deployed and more than 2,500 battery-swapping stations across these markets. The company assembles vehicles locally in Kenya, Rwanda, and Uganda, and operates a battery recycling facility in Nigeria.

The fresh capital will fund expansion of swapping networks, manufacturing operations, and solar-powered energy infrastructure. Spiro says riders can reduce operating costs by up to 40% compared to petrol-powered bikes, addressing rising fuel prices and Nigeria's push to reduce petroleum imports. With competitors including Ampersand, Roam and BasiGo, this funding strengthens Spiro's position in Africa's growing electric transport sector as it plans further expansion into Ethiopia and DRC.

For Nigerian commuters, this means more affordable transport options with significant cost savings, while creating local manufacturing and recycling jobs. Will electric motorcycles with battery swapping become your primary transport solution as fuel prices continue rising?

SOURCE: https://techcabal.com/2026/06/01/spiro-raises-215-million-to-expand/