Overview
- The round totals $100 million with $75 million from FEDA, the investment arm of Afreximbank, and additional participation from other strategic investors.
- The raise is reported as the largest two-wheel EV investment in Africa, signaling strong backer confidence in Spiro’s model.
- Spiro reports more than 60,000 electric motorcycles on the road and over 1,200 battery-swap stations across six countries.
- New capital will expand the swap network, manufacturing capacity, and R&D, with pilots planned in Cameroon and Tanzania.
- The company projects 100,000 deployed bikes by the end of 2025 and targets boosting local sourcing from roughly 30% to 70% within two years, alongside claimed rider cost savings.