African electric vehicle (EV) platform Spiro has raised $215 million in equity to scale electric mobility and energy infrastructure across the continent.
The funding is backed by institutional investors including Impact Fund Denmark and Equitane.
The investment will accelerate the expansion of Spiro’s battery-swapping network, industrial footprint and next-generation EV infrastructure across high-growth African markets, the company said.
This funding comes as economies in the region aim to reduce dependence on imported fuel, reinforce energy and industrial sovereignty, and modernise urban transport systems.
Driven by rising fuel costs, growing demand for affordable transportation and increasing policy support for clean energy, investors are backing scalable EV platforms poised to support Africa’s next phase of urban and industrial growth.
Building on support from long-standing institutional partners such as the Fund for Export Development in Africa, Spiro’s latest equity round draws capital from Europe and Africa, reflecting growing global confidence in scalable infrastructure-led business models in emerging markets.
With operations in seven African countries—Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon—and plans to expand local production and enter new markets such as the Democratic Republic of Congo and Ethiopia, Spiro is building one of Africa’s most advanced EV and battery-swapping ecosystems.
Its industrial footprint includes manufacturing plants in Kenya, Rwanda and Uganda, alongside a battery recycling facility in Nigeria.
“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has made sustainable mobility an affordable, everyday reality,” said Gagan Gupta, founder of Spiro and chairman of Equitane.
“Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets, providing 6,000 sustainable direct and indirect jobs. Supported by our global investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”
Lars Bo Bertram, CEO of Impact Fund Denmark, added: “We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make."
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