African electric mobility company Spiro has secured an additional $18 million from the Africa Go Green Fund (AGG), bringing the fund’s total commitment to the company to $36 million.
Managed by Cygnum Capital, AGG initially committed $18 million to Spiro less than a year ago. The latest investment builds on the existing debt facility rather than creating a new financing structure, with an additional $7 million from Nithio also included in the facility.
Funding to expand electric mobility in East Africa
Spiro said the new capital will be used to increase the number of electric motorcycles on the road and expand its battery-swapping infrastructure, particularly in Uganda and Rwanda.
The company has now completed more than 135,000 electric motorcycle deliveries and over 50 million battery swaps across its markets, highlighting the growing use of its electric mobility network.
Spiro is also expanding its battery-swapping infrastructure. The company has launched large-scale battery-swap stations in Kenya and Rwanda, designed to give riders faster access to charged batteries and improve network availability.
Why Africa Go Green is increasing its investment
According to Laurène Aigrain, Managing Director of Africa Go Green Fund, the additional investment reflects the progress Spiro has made since the fund’s first investment and its confidence in the company’s growth potential.
Spiro founder and chairman Gagan Gupta described the increased commitment as a vote of confidence in the company’s model.
Group CEO Anant Badjatya said the funding will focus on expanding the motorcycle fleet, increasing battery-swapping infrastructure and strengthening the network supporting riders in Uganda and Rwanda.
The investment comes shortly after Spiro raised $215 million in equity and entered into a major supply partnership with Chinese electric vehicle manufacturer Yadea, giving the company additional capital and supply capacity to expand its African operations.
With electric mobility adoption growing across African cities, Spiro is positioning its battery-swapping network and electric motorcycle fleet as key components of its expansion strategy.
