African electric mobility company Spiro has secured an additional $55 million investment from NewTrails Capital, a China-based growth-stage investor focused on emerging markets, bringing the company’s total funding to $270 million.

The latest capital injection follows a recent $215 million raise from African and European investors, strengthening Spiro’s position as one of Africa’s most heavily funded clean technology and electric vehicle companies. The funding round also moves the company closer to achieving a valuation of $1 billion.

The investment is expected to support manufacturing growth, localization of supply chains, and deeper collaboration with Chinese technology and battery suppliers as demand for electric mobility solutions rises across Africa.

Scaling Africa’s largest EV ecosystem

Founded in 2022, Spiro has rapidly emerged as Africa’s largest electric vehicle company, focusing on electric motorcycles and battery-swapping infrastructure.

The company says it has deployed more than 100,000 electric vehicles and established over 2,500 smart battery-swap stations across seven African markets, creating one of the continent’s largest EV ecosystems.

“This marks a new chapter as we prepare for the next stage of our pan-African and international expansion,” said Gagan Gupta, Founder of Spiro and Chairman of Equitane, noting that the company has successfully moved beyond the proof-of-concept stage.

Investors back Africa’s clean energy future

The funding consortium includes investors from Africa, Europe and Asia, such as Impact Fund Denmark, Equitane, FEDA, Nithio and the Africa Go Green Fund.

According to NewTrails Capital Founding Partner Yufan Zhang, Spiro is helping drive Africa’s energy transition by integrating electric vehicles, batteries, digital payments, charging infrastructure and service networks into a localized mobility platform.

Investors view the company’s vertically integrated business model and scalable infrastructure as key advantages in addressing Africa’s growing transportation and energy challenges.

Manufacturing, battery recycling and energy infrastructure

Beyond vehicle deployment, Spiro is expanding manufacturing and support facilities in Kenya, Rwanda and Uganda while strengthening local supply chains.

The company also operates a battery recycling facility in Nigeria, supporting its broader sustainability strategy and commitment to managing the full lifecycle of EV equipment.

In addition, Spiro is investing in a 100-megawatt smart energy network designed to improve power reliability and support the rapid growth of electric mobility in regions where electricity supply remains inconsistent.

Named among the 2024 TIME 100 Most Influential Companies, Spiro is increasingly positioning itself as both a transportation technology company and an energy infrastructure provider, placing it at the forefront of Africa’s fast-growing electric vehicle revolution.