Africa’s largest electronic mobility company, Spiro, has raised $215 million in investment meant to accelerate its expansion across the continent.
The new funding is the third in less than one year, after they raised $100 million in October last year and a further $50 million from Afreximbank.
The company confirmed that the new investment follows support and a long-standing relationship with lenders, not forgetting its plans to attract a pool of investors from Europe and in Africa.
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“Spiro has become a major driver of local industrialisation, value creation, and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent,” said the company founder, Gagan Gupta
The new funding is expected to expand its battery-swapping network, assembly points, strengthen manufacturing, and accelerate research and development.
Spiro, which has gained popularity across the country, has recently been appreciated more due to the increased prices of fuel.
According to the company, the bikes can reduce daily transport charges by 40%, which translates to a 2% saving every day compared to fuel-based alternatives.
In Kenya, it was recently discovered that the electronic bikes have reduced the environmental impact by 72% compared to fuel-based alternatives and have also saved up to 19 tonnes of CO₂ emissions.
