African News Business and Economy

Spiro Raises $50m for Expansion

By Ajuma N / February 26, 2026

Electric mobility start-up Spiro has secured $50 million in debt financing to support its expansion across Africa. The company operates in Togo under the name M-Auto and continues to grow its footprint on the continent.

The funding round was backed by Afreximbank, Nithio, and Africa Go Green Fund. This follows a previous $100 million round in 2025, reflecting strong investor confidence in its battery-swapping model. Under this system, customers purchase the motorcycle while the company retains ownership of the batteries, which can be swapped within minutes at dedicated stations. Spiro says it has deployed more than 80,000 electric motorcycles and over 2,500 swapping stations across six African countries.

The company also reports more than one billion emission-free kilometers traveled. According to CEO Kaushik Burman, the new funding will strengthen network expansion, technology upgrades, and renewable energy integration to build a scalable energy ecosystem in Africa.

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