With Afreximbank’s FEDA Fund leading a $75 million investment, Kenya-based Spiro aims to expand its battery-swapping infrastructure and strengthen local EV manufacturing across Africa.
Spiro Secures Major Backing to Power Africa’s EV Future
Kenya-based electric mobility startup Spiro has raised US$100 million to scale its two-wheel electric vehicle operations and expand battery-swapping networks across Africa. The funding round, led by the Fund for Export Development in Africa (FEDA), the development impact investment arm of Afreximbank, marks one of the largest clean mobility investments in the region to date.
Spiro, already Africa’s largest electric mobility operator, manages the continent’s most extensive network of battery-swapping stations for electric motorcycles. With over 60,000 vehicles, 1,200 swapping stations, and 26 million battery swaps completed, the company has facilitated 800 million kilometres of low-carbon travel, replacing fossil-fuel dependency with sustainable, affordable transport solutions.
A “Made in Africa” Mobility Ecosystem
Through its expanding production network and assembly facilities in Kenya, Uganda, Nigeria, and Rwanda, Spiro is advancing its goal of building electric vehicles made in Africa, by Africans, for Africa.
The latest capital infusion will enable the company to strengthen its technology platform and extend battery-swapping access across existing and new markets. Spiro anticipates deploying over 100,000 vehicles by the end of 2025, consolidating its position as one of the world’s foremost providers of battery-swapping mobility solutions.
Afreximbank’s Investment
According to Kaushik Burman, CEO of Spiro, “Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles.” He added that the investment “underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.”
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA, said the partnership reflects the Bank’s “strong commitment to building a competitive and sustainable mobility sector in Africa.”
“Together, we are laying the groundwork for a new era of intra-African trade and industrialization by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows,” he said. “At the same time, we are focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles.”
Driving Sustainable Growth and Regional Integration
Spiro’s expansion aligns with Afreximbank’s broader strategy to promote green industrialization and trade-led development across Africa. The investment highlights how financial institutions and private innovators can collaborate to reduce emissions, create jobs, and build local value chains, key priorities under the African Continental Free Trade Area (AfCFTA) framework.
As the continent’s cities continue to grow, clean mobility solutions like Spiro’s offer not just environmental benefits but also tangible economic opportunities — from manufacturing to maintenance, and from battery logistics to digital energy management.
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