Africa’s electric mobility dream is shifting from promise to progress and Spiro is leading the charge. The Dubai-headquartered startup has secured a record-breaking $100 million investment led by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank. The deal marks Africa’s largest-ever EV mobility investment, cementing Spiro’s status as the continent’s fastest-growing electric motorbike company.
Founded only a few years ago, Spiro’s rise has been electric. Under CEO Kaushik Burman, formerly of Taiwanese battery-swapping giant Gogoro, the company has expanded from 8,000 bikes in Benin and Togo to over 60,000 bikes and 1,500 battery-swap stations across Nigeria, Kenya, Rwanda, and Uganda. By 2025, Spiro plans to deploy 100,000 e-bikes and quadruple its network.
Spiro’s success lies in its African-focused model. Its e-bikes cost about $800—40% cheaper than petrol alternatives—and cost 30% less per kilometer to operate. Riders simply swap batteries at stations, saving time and money while reducing emissions.
The company also runs four assembly plants in Africa and aims to boost local production to 70%. With the new funding, Spiro plans to expand into Cameroon and Tanzania, scale manufacturing, and strengthen its renewable-powered swap network.
