The company said that the Spiro electric vehicle can reduce daily mobility costs by up to 40%.
African electric vehicle (EV) platform Spiro has raised $215 million in equity to scale electric mobility and energy infrastructure across the continent.
The funding is supported by institutional investors including Impact Fund Denmark and Equitan.
The company said the investment will accelerate the expansion of Spiro's battery-swapping network, industrial footprint and next-generation EV infrastructure in high-growth African markets.
The funding comes as the region's economies aim to reduce dependence on imported fuels, strengthen energy and industrial sovereignty, and modernize urban transportation systems.
Driven by rising fuel costs, rising demand for affordable transportation and growing policy support for clean energy, investors are backing scalable EV platforms that are poised to support Africa's next phase of urban and industrial growth.
Building on the support of long-standing institutional partners such as the Fund for Export Development in Africa, Spiro’s latest equity round draws capital from Europe and Africa, reflecting the growing global confidence in scalable infrastructure-led business models in emerging markets.
With operations in seven African countries – Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon – and plans to expand local production and enter new markets such as the Democratic Republic of Congo and Ethiopia, Spiro is building one of Africa's most advanced EV and battery-swapping ecosystems.
Its industrial footprint includes a battery recycling facility in Nigeria as well as manufacturing plants in Kenya, Rwanda and Uganda.
“The past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has made sustainable mobility an affordable, everyday reality,” said Gagan Gupta, Founder of Spiro and Chairman of Equiton.
“Spiro has become a key driver of local industrialization, value creation and manufacturing in African markets, providing 6,000 sustainable direct and indirect jobs. Backed by our global investors, we are entering our next growth chapter to provide clean, cost-effective energy and transportation options to millions of riders across the continent.”
Lars Bo Bertram, CEO of Impact Fund Denmark, said: “We are investing in Spiro and bringing Danish pension capital to one of Africa's most promising growth markets because we see the potential in Spiro for significant commercial growth and electric mobility across Africa, as well as measurable climate impact. This is exactly the type of investment we want to make.”