Electric vehicle startup Spiro has announced a landmark $100 million (KES 13 billion) investment round on October 21, marking Africa’s largest-ever funding deal in the two-wheel e-mobility sector.
Led by $75 million from the Fund for Export Development in Africa (FEDA), the development arm of the African Export-Import Bank (Afreximbank), the equity raise propels Spiro toward deploying 100,000 electric motorbikes across the continent by December.
The funding cements Spiro’s position as Africa’s most aggressive electric motorbike company, with operations now spanning seven countries and total capital raised exceeding $280 million.
“This investment validates our pan-African vision for sustainable mobility,” said Spiro CEO Kaushik Burman in a statement. “We’re not just building vehicles; we’re creating infrastructure for energy, jobs, and emissions-free transport.”
FEDA Managing Director Marlene Ngoyi hailed the deal as a “game-changer for green industrialization.” Afreximbank President Professor Benedict Oramah added that it aligns with the bank’s mandate to foster competitive, low-carbon sectors across Africa.
Spiro’s Kenyan operations, launched in September 2023, serve as the company’s flagship hub and underscore its role in accelerating the continent’s e-mobility transition. Headquartered in Nairobi, the firm commands over 52% of Kenya’s electric bike market, with more than 8,000 vehicles on roads supported by 200 battery-swapping stations.
The company’s Old Mombasa Road assembly plant, opened in September 2024, produces 50,000 motorcycles, 100,000 batteries, and 25,000 chargers annually. Fully staffed by women on its motor production line, the facility sources 30% of components locally and targets 70% within two years, creating over 100 direct jobs and stimulating supply chains for plastics, helmets, and brakes.
Spiro operations in Kenya spans 22 counties, including high-volume deployments in Mombasa, Eldoret, Kisumu, Nakuru, and Kakamega.
In a recent milestone, Spiro delivered 200 bikes in a single day to Machakos County’s Mwala Constituency. Partnerships with Watu Credit and 300 dealers enable financing via mobile money, while solar-powered stations in Kisumu and Kisii integrate with local renewables.
Riders report up to 40% higher earnings due to slashed fuel costs. “My daily profits have doubled since switching to Spiro,” said Nairobi boda boda operator Robert Kimani. The initiative supports Kenya’s goal to cut transport emissions by 32% by 2030.
Spiro plans 1,000 swap stations in Kenya by year-end, targeting 1 million EVs long-term to combat urban air pollution and a 7% annual rise in transport emissions.
Beyond Kenya, Spiro operates in Rwanda, Uganda, Benin, Togo, and Nigeria, with Tanzania and Cameroon next on deck. The firm’s battery-swapping model, enabling two-minute exchanges, has powered 850 million emission-free kilometers continent-wide, preventing thousands of tons of CO2.
The capital infusion accelerates Spiro’s goal of 100,000 vehicles by December and 2 million by 2030 across 10+ countries. The company positions itself as a full energy provider, blending EVs with renewable-integrated distribution.
