Spiro raises $55M to expand electric motorcycle network across Africa including Nigeria
Spiro, the electric motorcycle and battery-swapping company, secured an additional $55 million from Chinese investor NewTrails Capital, bringing its recent funding round to $270 million. This follows a record $215 million raise earlier in June, pushing total disclosed funding to $557 million and cementing its position among Africa's most heavily funded electric mobility companies.
The fresh capital will expand Spiro's battery-swapping network, manufacturing operations, and energy infrastructure across African markets where it already operates, including Nigeria, Kenya, Uganda, and Rwanda. The company has deployed over 100,000 electric vehicles and built more than 2,500 battery-swapping stations across seven countries since its 2022 founding.
This investment deepens Spiro's ties to Chinese investors and suppliers, building on previous battery deals including a $11.6 million agreement with CBAK Energy Technology. In October 2025, the company reported 30% of its motorcycle value is now produced locally. NewTrails Capital views Spiro as an 'infrastructure-like business' and part of Africa's broader energy transition.
Spiro also appointed former Indofast Energy CEO Anant Badjatya as group CEO. Badjatya previously managed over 1,800 battery-swapping stations in India, bringing experience from one of the world's most developed markets for the technology.
For Nigerian readers, this signals growing electric mobility infrastructure that could make transportation cheaper and more accessible. Battery-swapping eliminates long charging times—users swap depleted batteries for charged ones in minutes, similar to refueling petrol vehicles. As Spiro expands locally, Nigerians may see more electric motorcycles on roads and new job opportunities in the green transport sector.
Will increased access to electric motorcycles and battery-swapping stations change how you think about daily transportation costs and environmental impact?
SOURCE: https://techcabal.com/2026/06/22/spiro-secures-another-55-million/