Kenyan EV startup Spiro raises extra $18m for Rwanda, Ugandan expansion

Kenya-based Spiro, a leader in two-wheel transportation and battery-swapping, has banked an additional US$18 million in debt funding from Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, to expand in Uganda and Rwanda.

Spiro is Africa’s largest electric mobility company, operating the continent’s most extensive and fastest growing network of battery-swapping for electric two-wheel vehicles. It has operational assembling facilities in Uganda, Kenya, Nigeria, Rwanda, Togo, Cameroon and Benin.

With more than 135,000 electric motorcycles, over 2,500 battery swapping stations and more than 50 million battery swaps to date, Spiro has achieved over 1 billion kilometres of low-carbon emissions travel, the company is substituting expensive imported fossil fuel- based transportation with affordable, accessible and sustainable solutions.

Disrupt Africa reported in June Spiro had raised a further US$55 million in capital to close its latest round of funding at US$270 million, and it has now secured additional financing. AGG has increased its financing commitment to Spiro by US$18 million, doubling its total commitment to the electric mobility company to US$36 million.

The additional financing builds on the debt facility closed in December 2025, under which AGG committed US$18 million and Nithio US$7 million. The funding will support the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.

To further strengthen its energy network, Spiro has launched mega battery-swap stations in Kenya and Rwanda. These stations are designed to improve the rider experience by making access to charged batteries more seamless, reliable and convenient. The additional financing will support further motorcycle deployments, enabling Spiro to grow its customer base and increase utilisation of its existing battery and swap-station infrastructure.

“Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital,” said Gagan Gupta, the founder of Spiro.

Laurène Aigrain, managing director of Africa Go Green Fund, said the additional financing reflected the strong progress Spiro had made since the initial investment and the fund’s continued confidence in its growth potential.

“By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda,” she said.

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