Spiro, a clean mobility company operating across the African continent, secured $215 million in new equity financing to scale its battery-swapping networks and electric vehicle infrastructure. The company announced the funding on Monday, marking one of the larger recent capital investments in the region’s transportation sector.
The equity round drew backing from institutional investors based in Europe and Africa. Denmark’s Impact Fund participated in the financing, signaling continued institutional interest in scaling clean transport and energy infrastructure across emerging markets.
Gagan Gupta, who founded Spiro and serves as chair of Equitane, outlined the company’s operational footprint in a statement. “This past year marked a defining strategic milestone for Spiro,” Gupta said. “Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality.”
The company intends to channel the new capital into broader market access. Gupta said the incoming financing would support a next growth phase focused on delivering electric transport alternatives to millions of riders across the continent.