Spiro Closes $270 Million Funding Round With Additional $55 Million Investment From NewTrails Capital

African electric mobility company Spiro has closed its latest funding round at $270 million after securing an additional $55 million investment from NewTrails Capital, a China-based growth-stage investment fund focused on emerging markets.

The funding is expected to support the expansion of Spiro’s electric mobility and energy infrastructure operations across Africa, including the growth of its battery-swapping network, manufacturing footprint and electric vehicle ecosystem.

According to the company, the latest investment adds to support received from institutional and impact investors, including FEDA, Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund. The company said the funding comes at a time when several African economies are seeking to reduce fuel imports, strengthen domestic energy capabilities and modernise urban transport systems.

Expansion Plans Across African Markets
Spiro currently operates in seven African markets and focuses on electric two-wheel mobility supported by a battery-swapping network. The company stated that the fresh capital will be used to accelerate the deployment of battery-swapping stations and related infrastructure in existing and new markets.

The company claims to have deployed more than 100,000 electric motorcycles and established over 2,500 battery-swapping stations across the continent. It also reported completing more than 30 million battery swaps to date.

Commenting on the development, Gagan Gupta, Founder of Spiro and Chairman of Equitane, said: “Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase. Partnering with NewTrails Capital marks a new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion.”

Investor Interest In Mobility Infrastructure
NewTrails Capital said its investment reflects growing interest in energy transition and mobility infrastructure opportunities across emerging markets. The fund cited Spiro’s integrated approach spanning vehicles, batteries, charging infrastructure, payments and service networks as factors supporting its investment decision.

Spiro said it intends to continue expanding its regional production and assembly capabilities alongside the rollout of electric mobility infrastructure across Africa.