Electric vehicle company Spiro has secured an additional US$55 million investment from Chinese growth-stage investor NewTrails Capital, bringing the final close of its latest fundraising round to US$270 million.
The fresh capital increases the size of a financing round that had reached US$215 million earlier this month, reinforcing Spiro’s standing as one of Africa’s best-funded clean mobility firms.
According to the company, the new funding will support the expansion of its battery-swapping network, scale up manufacturing and assembly activities, advance technology development, and facilitate entry into new high-growth markets.
Spiro currently operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. Across these markets, the company has deployed more than 100,000 electric motorcycles and established a network of over 2,500 battery-swapping stations.
“Spiro has firmly moved beyond the proof-of-concept stage. Partnering with the highly experienced team at NewTrails Capital marks an important milestone as we prepare for the next phase of our expansion across Africa and beyond,” said founder Gagan Gupta.
The firm reports that it has completed more than 30 million battery swaps and is now eyeing expansion into Ethiopia and the Democratic Republic of Congo. Manufacturing facilities are already operational in Kenya, Rwanda and Uganda, while a battery recycling plant is running in Nigeria. Spiro estimates that its operations currently support approximately 6,000 direct and indirect jobs across Africa.
Also Read: Gikomba Blaze Raises Fresh Concerns Over Audit Findings on KSh60 Million Fire Station
Over the years, the company has evolved beyond electric motorcycles to develop a broader ecosystem encompassing batteries, charging infrastructure, digital payment solutions and energy services. Its network includes solar-powered, IoT-enabled battery-swapping stations, while its batteries are designed to be repurposed for energy storage after their initial lifecycle.
NewTrails Capital joins a growing list of investors backing the company, including Impact Fund Denmark, Equitane, FEDA, Nithio and the Africa Go Green Fund. With operations spanning Shanghai, Shenzhen and Nigeria, the Chinese investment firm specialises in emerging markets and is expected to help Spiro strengthen local manufacturing capabilities and build more resilient supply chains through partnerships with Chinese industrial players.
The equity investment follows a series of debt financing deals secured by Spiro earlier this year. In February, the company obtained a US$7 million senior debt facility to support the expansion of its electric motorcycle fleet and battery-swapping infrastructure. This was followed by an additional US$50 million debt package aimed at accelerating further growth.
