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Spiro secures a further $18 million in debt from the Africa Go Green Fund
Electric motorcycle company Spiro has secured an extra $18 million in debt from the Africa Go Green Fund to expand its battery-swapping network in Uganda and Rwanda.
By Propel Africa · 2026-09-22
Spiro has secured an additional $18 million in debt funding from the Africa Go Green Fund (AGG), Disrupt Africa reported on 22 September. The deal doubles AGG's total commitment to the company to $36 million.
AGG is a climate-focused debt fund managed by Cygnum Capital. The new money builds on a facility closed in December 2025, when Spiro raised $18 million from AGG and $7 million from Nithio.
Africa's largest e-mobility network
Spiro runs a battery-swapping network for electric motorcycles and is described by Disrupt Africa as the continent's largest electric mobility company. Its aim is to replace imported fossil-fuel transport with cheaper, cleaner alternatives.
The scale is significant. Spiro has more than 135,000 electric motorcycles on the road and over 2,500 battery-swapping stations. Riders have completed more than 50 million swaps and travelled over 1 billion kilometres. The company runs assembly facilities in Uganda, Kenya, Nigeria, Rwanda, Togo, Cameroon and Benin.
Uganda and Rwanda next
The new funding will put more motorcycles on the road and expand the swapping network in Uganda and Rwanda. It will also raise use of the batteries and stations Spiro already has. The company recently launched large swap stations in Kenya and Rwanda.
Founder Gagan Gupta called the deal "a powerful vote of confidence in Spiro's progress".
A busy year
The debt follows a major equity raise. In June 2026 Spiro added a further $55 million, closing its latest round at $270 million.
At a glance
- Company: Spiro
- Raised: $18 million
- Type: Debt
- Lender: Africa Go Green Fund, managed by Cygnum Capital
- Total AGG commitment: $36 million
- Fleet: More than 135,000 electric motorcycles