African EV firm Spiro raises $215 million for electric mobility expansion
The round was backed by investors in Europe and Africa as Spiro said riders can cut daily transport costs by up to 40%.
- On Monday, African electric vehicle firm Spiro raised $215 million in equity financing to expand its battery-swapping and electric mobility infrastructure across Africa.
- Backed by institutional investors including Impact Fund Denmark, the investment aims to help African nations reduce dependence on imported fossil fuels while modernizing urban transportation.
- Across seven active markets, Spiro operates 100,000 electric vehicles and 2,500 smart-swap stations, enabling riders to cut daily transport costs by up to 40%.
- Gagan Gupta, founder of Spiro and chair of Equitane, stated the firm will strengthen local manufacturing and accelerate entry into Ethiopia and the Democratic Republic of Congo.
- Although the African market remains small compared with China and Europe, analysts note the sector is expanding rapidly as governments introduce cleaner transport policies and tailored business models.
33 Articles
33 Articles
African EV platform Spiro raises $215M in equity to scale electric mobility and energy infrastructure acr
Leading scale-up Spiro has secured a landmark $215M investment round backed by major institutional investors including Impact Fund Denmark, and Equitane. With Spiro already operating across seven of Africa's fastest-growing urban markets, this transaction positions Spiro among the continent's leading clean infrastructure platforms. This investment will accelerate the expansion of Spiro's battery-swapping network, industrial footprint and next-ge…
Associated Press News
African EV firm Spiro raises $215 million for electric mobility expansion
African electric mobility company Spiro has raised $215 million in equity financing to expand its battery-swapping and electric vehicle infrastructure across seven African markets.
Africa's EV Platform Spiro Raises $215m in Equity to Scale Mobility
Spiro, an African electric vehicle (EV) platform, has announced a $215M investment round to accelerate the deployment of its electric mobility and battery-swapping infrastructure across Africa. Its latest equity round builds on the support of long-standing institutional partners such as FEDA to draw global capital from Europe and Africa, confirming growing global confidence in scalable infrastructure-led business models across emerging markets. …
African electric vehicle firm Spiro raises $215 million
African EV firm Spiro has raised 215 million dollars in equity financing to expand electric mobility infrastructure across Africa. The investment round was backed by institutional investors in Europe and Africa, including Denmark’s Impact Fund. Company founder Gagan Gupta said it marked a defining milestone, highlighting rapid deployment across seven active markets. Spiro says it has deployed 100,000 electric vehicles and 2,500 smart battery-swa…
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