Dubai-based Spiro secures $100 million in funding — the largest e-mobility investment in Africa — to expand its electric motorbike and battery-swapping network across the continent.

Africa’s journey toward electric mobility just hit a major milestone. Spiro, the Dubai-headquartered e-mobility startup, has raised a record-breaking $100 million investment round led by the Fund for Export Development in Africa (FEDA), the development arm of Afreximbank.

This landmark raise — the largest-ever investment in Africa’s EV sector — cements Spiro as the continent’s leading electric motorbike company, signaling a new era for sustainable transport in one of the world’s fastest-growing mobility markets.

Charging Toward 100,000 Electric Bikes

Spiro plans to deploy over 100,000 electric motorbikes across Africa by the end of 2025, representing a 400% year-over-year growth.

Just two years ago, when CEO Kaushik Burman joined from Gogoro, the company operated 8,000 bikes and 150 swap stations across Benin and Togo. Today, it’s active in six countries — including Kenya, Nigeria, Rwanda, and Uganda — with 60,000+ bikes and 1,500 battery-swapping stations.

Battery swaps have skyrocketed from 4 million in 2022 to 27 million in 2025, according to Burman — a testament to how well Spiro’s Africa-first business model fits local needs.

“Our riders cover up to 200 kilometers a day. With fuel prices so high, electric bikes let them save more and work without downtime,” Burman said.

A Model Built for Africa

Spiro’s secret? It combines affordability with efficiency.

  • Spiro e-bikes cost around $800, nearly 40% cheaper than new gas-powered bikes.
  • Battery swaps cost 30% less per kilometer than refueling.
  • Riders save up to $3 a day, enough to reinvest in a second bike or small business.

The company earns revenue from both bike sales and its battery-swapping network, where riders pay only for the energy they use. Swap stations, strategically located in gas stations, malls, and community centers, keep batteries charged around the clock — ensuring zero downtime.

Spiro also relies on renewable energy and battery storage to keep its stations running even during power cuts, a crucial innovation in regions with unreliable electricity grids.

Building Local Manufacturing Power

To meet surging demand, Spiro has established four assembly and manufacturing plants in Kenya, Nigeria, Rwanda, and Uganda. These facilities produce key components like traction motors, controllers, and batteries, creating local jobs and boosting economic impact.

Currently, about 30% of components are locally sourced, but the company aims to reach 70% within two years — including helmets, plastics, and brake systems.

A $100 Million Boost for Growth

Of the $100 million raised, $75 million came from FEDA, with the remainder from other strategic investors. The funding will accelerate network expansion, manufacturing, and R&D, as well as new market pilots in Cameroon and Tanzania.

Spiro has already raised over $180 million in prior investments from Société Générale, Equitane Group, and several venture capital firms.

While competitors like Ampersand, BasiGo, and Roam are also pushing the African EV movement forward, Burman says Spiro’s real rival is the gasoline motorbike market — and the millions of riders still waiting for affordable, sustainable transport.

“Africa has 25 million motorbikes versus 320 million in India,” Burman noted. “That 13x gap shows the incredible opportunity ahead.”

With its latest funding, Spiro is not just building bikes — it’s building the backbone of Africa’s clean mobility future.