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Spiro raises $100 million led by FEDA to grow electric motorbike network
Electric motorbike maker Spiro has raised $100 million, with Afreximbank's FEDA putting in $75 million to expand battery swapping and manufacturing.
By Propel Africa · 2025-10-21
Spiro has raised $100 million in an investment round led by the Fund for Export Development in Africa (FEDA), the development arm of Afreximbank, which contributed $75 million. TechCrunch reported on 21 October. Other strategic investors provided the remainder.
What Spiro does
The company sells electric motorbikes and runs a battery-swapping network. Riders buy or lease a bike, swap a depleted battery for a charged one and pay for the energy they use. Spiro also assembles bikes and batteries locally, with four assembly and manufacturing facilities across Kenya, Nigeria, Rwanda and Uganda. Kaushik Burman is chief executive, having joined about two years earlier from battery-swapping company Gogoro. The company is based in Dubai.
Traction
Spiro has deployed more than 60,000 bikes and runs about 1,500 swap stations. Battery swaps rose from 4 million in 2022 to over 27 million in 2025. It operates in six countries, including Rwanda, Kenya, Nigeria and Uganda, and is targeting more than 100,000 bikes by the end of 2025, a 400% year-on-year increase.
Use of funds
The money will go towards expanding the swap network, increasing manufacturing capacity, research and development, and launching pilots in new markets. Pilots are planned in Cameroon and Tanzania. Earlier backing came from Equitane Group, Spiro's parent company, and Société Générale, which together provided more than $180 million in debt and equity.
At a glance
- Company: Spiro
- Raised: $100 million
- Lead/Investors: Fund for Export Development in Africa (FEDA), $75 million
- Based in: Dubai, UAE
- Markets: Six countries, with pilots planned in Cameroon and Tanzania
- Key number: More than 60,000 bikes deployed