Spiro Secures $100 Million to Drive Africa’s E-Mobility Future

Spiro, one of Africa’s leading electric mobility startups, has raised $100 million in new funding led by the Fund for Export Development in Africa (FEDA), a subsidiary of Afreximbank. The deal marks the largest-ever investment in Africa’s e-mobility industry, signaling how electric transportation is beginning to take serious shape across the continent.

The capital injection will fuel Spiro’s expansion of electric motorbikes and its growing network of battery-swapping stations in multiple African markets, including Nigeria, Kenya, Uganda, Benin, Togo, and Rwanda.

Building a continent-wide electric future

Spiro’s business model focuses on electric motorbikes, a practical solution for Africa’s busy transport systems, and the infrastructure needed to keep them running. Its battery-swapping stations allow riders to exchange depleted batteries for fully charged ones in minutes, eliminating the long wait times associated with traditional charging.

With the new funds, Spiro plans to:

• Increase production to roughly 15,000 bikes per month.

• Expand its network of battery-swap stations from around 1,200 to 3,500 by the end of the year.

• Invest in battery manufacturing and local assembly to strengthen supply chains and create local jobs.

These efforts are designed to make electric mobility affordable, reliable, and scalable across Africa’s rapidly growing urban centers.

Lower costs, higher potential

Spiro claims that its electric motorbikes are 30–40% cheaper to operate than petrol-powered alternatives. For Africa’s large base of motorcycle taxi operators, known as okadas in Nigeria and boda-bodas in East Africa, those savings can significantly boost earnings while reducing reliance on expensive, imported fuel.

The company’s localized production strategy also helps reduce import costs. While many parts are currently shipped in knock-down kits, Spiro aims to increase local content from about 30% to higher levels in the coming years.

This combination of cost savings and local manufacturing aligns with a wider push by African governments and investors to develop sustainable transport ecosystems that support both economic growth and environmental goals.

Institutionalizing African E-Mobility

The size of this investment sends a strong message. Development finance institutions and global investors are starting to bet big on Africa’s clean transportation future.

If Spiro executes successfully, the benefits could extend far beyond green mobility:

• Job creation in assembly, maintenance, and operations.

• Reduced emissions and fuel imports.

• More affordable transportation for everyday users and delivery operators.

However, the path ahead is not without challenges. Expanding manufacturing capacity and battery infrastructure across multiple countries requires heavy investment, stable power supply, and consistent demand from riders. The upfront cost of electric bikes, even with financing, remains a barrier for many.

Still, the momentum is shifting. Electric mobility in Africa is no longer a futuristic dream, it’s becoming a competitive industry.

Can Infrastructure Keep Pace with Market Demand?

Spiro’s expansion represents more than just another funding story. It’s part of a broader shift in Africa’s approach to mobility, where innovation meets sustainability.

For countries like Nigeria, where transport costs continue to rise and urban pollution worsens, the impact of scalable e-mobility solutions could be transformative. The company’s ability to build reliable infrastructure, attract financing partners, and achieve economies of scale will determine whether Africa’s electric mobility revolution truly takes off, or stalls under the weight of logistics and infrastructure challenges.

For now, Spiro stands at the front of that race, backed by $100 million and a growing network that could redefine how Africa moves.