Spiro Secures Additional $18 Million Debt Financing to Expand East African Operations

Electric mobility company Spiro announced on Monday that it has secured an additional $18 million in debt financing from climate-focused fund Africa Go Green Fund, doubling the fund's total financial commitment to the company to $36 million. The capital injection builds directly upon an earlier debt facility finalized in December 2025, under which Africa Go Green Fund had committed an initial $18 million and Nithio contributed $7 million, with the former serving as the transaction structuring lead.

Spiro says it will deploy the newly raised capital to expand its electric two-wheeler fleet and scale up its battery-swapping station network in East Africa, focusing specifically on market operations in Uganda and Rwanda. The deployment will also support the company's broader charging and swap ecosystem, which recently introduced higher-capacity mega battery-swap stations in Kenya and Rwanda to service commercial riders.

Anant Badjatya, Group CEO of Spiro, said, "This additional financing will enable us to accelerate execution in two important East African markets." Gagan Gupta, Founder of Spiro, added, "Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress."