Spiro raises $215 million in equity from Impact Fund Denmark and Equitane

Spiro has raised $215 million in equity from Impact Fund Denmark and Equitane, the company announced on 1 June. It calls the round a landmark raise. The money is earmarked for growing the battery-swap network, expanding manufacturing and assembly, developing technology and entering new African markets.

What Spiro does

Spiro builds electric two-wheelers for African riders and runs a network of battery-swap stations. It is now stretching into a distributed clean-energy network, with solar-powered swap stations and second-life battery storage. Its founder, Gagan Gupta, is also chairman of Equitane, the long-term investment platform that took part in the round.

Reach and results

Spiro is active in seven countries: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. The DRC and Ethiopia are planned next. The company says it has deployed more than 100,000 electric vehicles and runs about 2,500 swap stations, which have handled over 30 million battery swaps. Riders save up to 40% on daily mobility costs, roughly $2 a day.

Investor view

Impact Fund Denmark is the country's development finance institution and invests Danish pension capital on commercial terms. Its chief executive, Lars Bo Bertram, said the fund sees "potential for significant commercial growth in Spiro and electric mobility across Africa".

At a glance

• Company: Spiro
• Raised: $215 million
• Round: Equity
• Investors: Impact Fund Denmark, Equitane
• Active markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, Cameroon
• Planned markets: DRC, Ethiopia
• Key figure: More than 30 million battery swaps