Record fundraising for an African start-up

The electric revolution is gaining ground in Africa. The startup Spiro , specializing in electric motorcycles and battery swapping systems , has just raised $100 million , an unprecedented amount on the continent.

The financing, led by the Fund for Export Development in Africa (FEDA) — Afreximbank 's investment arm — marks a turning point for the sustainable mobility sector in Africa.

Continental-scale ambitions

Born in Benin, Spiro has quickly established itself as a leader in electric mobility. The company already operates in six countries : Kenya, Nigeria, Rwanda, Uganda, Benin, and Togo.

With this new fundraising, the startup plans to expand to Cameroon and Tanzania before the end of 2025, and to reach 100,000 electric motorcycles deployed on the continent.

Its model is based on an ingenious concept: battery swapping . Users swap their empty battery for a full one at Spiro stations, with no waiting time. A solution perfectly suited to motorcycle taxis and delivery services.

“Our goal is to provide clean, accessible and sustainable mobility for all Africans,” said Kaushik Burman , CEO of Spiro.

An impactful investment

In addition to promoting clean energy, Spiro promises up to 30% savings on operating costs compared to gasoline-powered motorcycles.

The company also contributes to local industrialization by assembling its vehicles and components in several African countries. This initiative creates green jobs and reduces the continent's energy dependence.

A symbol of the African boom in green mobility

This record financing confirms the growing momentum of the African electric mobility market , where other players such as Ampersand (Rwanda) and Roam (Kenya) are also developing.

But with its $100 million, Spiro is taking a step ahead and positioning Africa as a new frontier for sustainable innovation .