Spiro secures $50 million debt facility backed by Afreximbank and Nithio

Spiro, the electric motorcycle company, has secured a $50 million debt facility from Afreximbank, Nithio and Africa Go Green Fund, Launch Base Africa reported on 24 February. Launch Base Africa says Spiro has raised more than $200 million over the past 24 months.

What Spiro does

Spiro builds electric motorcycles and runs a battery-swapping network across African markets. It earns revenue from hardware sales and from pay-as-you-go energy bought at battery swaps. The company was founded in 2019 and is based in Dubai. Kaushik Burman, a former Gogoro executive, became chief executive about two years ago.

Growth so far

According to Launch Base Africa, the fleet has grown from 8,000 bikes in two countries to more than 80,000 electric motorcycles. Spiro now has over 2,500 active swapping stations, up from 1,500 a year earlier, and has recorded more than 30 million battery swaps. It operates four assembly facilities, in Kenya, Nigeria, Rwanda and Uganda, and sources 30% of components locally, with a target of 70% within two years.

Where the money goes

The new facility will fund expansion into Cameroon, Morocco and Tanzania. Spiro currently operates in Benin, Togo, Rwanda, Kenya, Nigeria, Uganda and Ghana. Earlier backing included a $100 million equity round in 2025, a $50 million Afreximbank loan in 2024 and a $63 million loan in 2023.

At a glance

• Company: Spiro
• Raised: $50 million
• Type: Debt facility
• Backers: Afreximbank, Nithio, Africa Go Green Fund
• Founded: 2019
• Based in: Dubai
• Markets: Benin, Togo, Rwanda, Kenya, Nigeria, Uganda, Ghana, with Cameroon, Morocco and Tanzania planned
• Key number: More than 80,000 electric motorcycles on the road