Spiro secures $270m to accelerate Africa’s electric mobility push

Electric mobility company Spiro has secured more than $270 million in new funding to expand its operations across Africa as demand for cleaner transport solutions continues to grow.

The Dubai-headquartered company, which operates in Benin, Cameroon, Kenya, Nigeria, Rwanda, Tanzania and Togo, said the financing includes a newly completed $55 million investment from NewTrails Capital, a Chinese growth-stage investment firm focused on emerging markets with operations in Shanghai, Shenzhen and Nigeria.

The latest funding strengthens Spiro’s position in Africa’s growing electric mobility and clean energy sector and is expected to support the rollout of electric vehicles and related infrastructure across the continent.

The financing builds on investments from existing institutional partners, including FEDA, and also attracted funding from Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund.

Gagan Gupta, founder of Spiro and chairman of Equitane, described the investment as a major milestone in the company’s growth.

“I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique technology, energy and innovation journey. Having deployed over 100,000 electric vehicles and 2,500 smart battery-swap stations across seven markets, Spiro has moved beyond the proof-of-concept stage,” Gupta said.

He said the partnership with NewTrails Capital would support the company’s next phase of expansion across Africa and into international markets. NewTrails Capital founding partner Yufan Zhang said the investment reflects the firm’s confidence in Africa’s energy transition and Spiro’s role in advancing it.

“We believe Spiro is driving a profound energy revolution across mobility use cases in Africa. This represents not only a significant market opportunity, but also the potential to build infrastructure that delivers commercial, social and environmental value,” Zhang said.

He said Spiro’s strengths lie in its localised operating model, vertically integrated supply chain, digital ecosystem and ability to scale across multiple markets.

According to Zhang, the company’s integrated approach, combining electric vehicles, battery technology, charging and battery-swap infrastructure, digital payments and service networks, is well suited to addressing the unique transport challenges facing African markets.

The partnership is also expected to strengthen Spiro’s manufacturing capacity and localise more of its supply chain through collaboration with Chinese suppliers.

With the new capital, the company plans to accelerate its expansion while supporting Africa’s transition to cleaner and more sustainable transport systems.

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