Electric motorcycle maker Spiro has secured an additional $18 million in debt financing to support its expansion in Uganda and Rwanda. The funding, provided by Africa Go Green Fund, brings the fund's total commitment to Spiro to $36 million. This new financing will be used to fund additional electric motorcycles and battery-swapping infrastructure in the two markets.
Spiro has made significant progress in its operations, deploying over 135,000 electric motorcycles across seven African markets. The company has also completed more than 50 million battery swaps. This expansion is part of Spiro's efforts to increase its presence in Africa. The company has introduced larger swap stations in Kenya and Rwanda as it expands its network.
This latest funding follows an $18 million commitment from Africa Go Green Fund in December 2025. It is part of a $25 million debt facility that also included $7 million from Nithio. Spiro has raised substantial capital as it has expanded its operations. In October 2025, it raised $100 million, including $75 million from Afreximbank's investment arm, the Fund for Export Development in Africa.
In February, Spiro secured a $50 million debt facility from Afreximbank, Africa Go Green Fund, and Nithio to expand its battery-swapping network. The company later announced $215 million in equity financing and a further $55 million investment from NewTrails Capital, bringing that equity round to $270 million. These funds have supported Spiro's expansion across African markets.
Spiro's battery-swapping model allows riders to exchange depleted batteries for charged ones rather than wait for their motorcycles to recharge. This model has been instrumental in the company's success. The new financing will support further expansion of Spiro's infrastructure in Uganda and Rwanda. The funds will accelerate the deployment of electric motorcycles and battery-swapping infrastructure.
Laurène Aigrain, managing director of Africa Go Green Fund, said the additional financing reflected Spiro's progress since the initial investment. Spiro founder Gagan Gupta said the increased commitment showed investor confidence in the company. Group CEO Anant Badjatya said the funds would accelerate deployment in Uganda and Rwanda.
The latest financing gives Spiro additional debt capital as it expands its fleet and battery infrastructure across African markets. Africa Go Green Fund's cumulative commitment to Spiro now stands at $36 million. This investment is expected to drive further growth and expansion for the electric motorcycle maker in the region.
Key points
- Spiro secures $18 million in debt financing from Africa Go Green Fund to expand in Uganda and Rwanda.
- The funding will be used to fund additional electric motorcycles and battery-swapping infrastructure in the two markets.
- Spiro has deployed over 135,000 electric motorcycles across seven African markets and completed over 50 million battery swaps.
