Electric mobility company Spiro has raised a record $100 million to expand its operations across Africa. The deal, led by Afreximbank’s investment arm FEDA, marks the continent’s largest fundraising in the e-mobility sector.
Founded in 2022, Spiro operates over 60,000 electric bikes and 1,200 battery swap stations in six countries, including Togo and Kenya. CEO Kaushik Burman said the funding will make electric transport more affordable and profitable for African riders. The company plans to accelerate the installation of new battery stations in its key markets. It also aims to create skilled jobs in the electric vehicle sector.
Spiro targets over 100,000 deployed vehicles by the end of 2025. In Togo, the company’s growth aligns with government efforts promoting clean energy and tax incentives for electric transport.
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