African electric mobility company Spiro has raised US$420 million over the past nine months, including a new $55 million equity investment from China’s NewTrails Capital, as it seeks to expand its electric motorcycle and battery-swapping operations across the continent.
The latest investment brings Spiro’s ongoing fundraising round to US$270 million and raises the total capital secured since October 2025 to US$420 million, the company said in a statement on Monday.
The company plans to use the funds to accelerate its growth across sub-Saharan Africa by expanding its battery-swapping network, increasing manufacturing capacity and strengthening operations in existing and new markets.
Spiro, which focuses on electric motorcycles and battery-swapping infrastructure, said the partnership with NewTrails Capital would also support efforts to localize production and develop supply chains in Africa through stronger links with Chinese manufacturers and suppliers.
The company said it has deployed more than 100,000 electric vehicles and established 2,500 battery-swapping stations across seven African markets, marking what it described as a transition beyond the proof-of-concept stage.
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“Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase,” founder Gagan Gupta said.
“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion,” he added.
The investment comes amid rapid growth in Africa’s electric motorcycle sector, driven by rising fuel costs, urban transport demand and government efforts to promote cleaner mobility solutions.
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Industry estimates show electric motorcycle sales on the continent reached around 70,000 units in 2025, compared with fewer than 1,000 units in 2020, highlighting the sector’s rapid expansion.
The latest funding follows a series of capital raises by Spiro in recent months. In February 2026, the company secured US$50 million in debt financing from African Export-Import Bank, Nithio and the Africa Go Green Fund.
In October 2025, Spiro also raised US$100 million, including support from Afreximbank through the Fund for Export Development in Africa, underscoring growing investor interest in Africa’s emerging electric mobility industry.
As competition intensifies among electric vehicle operators on the continent, the fresh capital is expected to strengthen Spiro’s position as one of Africa’s leading providers of electric two-wheel transport and battery-swapping services.
