Dubai, UAE: Africa’s leading electric mobility company, Spiro, has secured an additional $55 million investment from Chinese growth-stage investment fund NewTrails Capital, bringing the company’s latest funding round to a total of $270 million.
The investment marks one of the largest capital raises in Africa’s electric mobility sector and is expected to accelerate the expansion of Spiro’s battery-swapping network, manufacturing capacity, and clean energy infrastructure across the continent.
The funding comes at a time when African countries are increasingly seeking to reduce dependence on imported fossil fuels, strengthen energy security, and modernize urban transportation systems through sustainable mobility solutions.
Spiro currently operates in seven African markets and has established itself as the continent’s largest electric mobility platform, with more than 100,000 electric motorcycles deployed and over 2,500 battery-swapping stations in operation.
Spiro currently operates in seven African markets, including Uganda, and has established itself as the continent’s largest electric mobility platform, with more than 100,000 electric motorcycles deployed and over 2,500 battery-swapping stations in operation.
The latest investment from NewTrails Capital adds to a growing list of institutional and impact investors backing Spiro, including FEDA, Impact Fund Denmark, Equitane, Nithio, and the Africa Go Green Fund.
Speaking on the investment, Spiro Founder and Equitane Chairman Gagan Gupta described the partnership as a major milestone in the company’s growth journey.
“I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique tech, energy and innovation journey. 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,” Gupta said.
“Partnering with NewTrails Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion,” he added.
NewTrails Capital Founding Partner Yufan Zhang said the company sees significant long-term potential in Spiro’s business model and Africa’s growing clean energy sector.
“We believe Spiro is driving a profound energy revolution across mobility use cases in Africa. This represents not only a vast market opportunity but also the potential to grow into an infrastructure-like business that creates meaningful commercial, social and environmental value,” Zhang said.
He noted that Spiro’s strengths include its localized operational model, vertically integrated supply chain, digital ecosystem, strong unit economics and ability to scale rapidly across multiple markets.
According to Zhang, the company has successfully integrated electric vehicles, battery technology, energy replenishment systems, payment solutions and service networks into a comprehensive mobility ecosystem tailored to African users.
The partnership is also expected to strengthen Spiro’s manufacturing and supply chain localization efforts by leveraging expertise and partnerships from Chinese suppliers.
Industry analysts view the investment as another sign of growing global confidence in Africa’s clean energy and electric mobility sectors, which continue to attract significant interest from international investors seeking opportunities in emerging markets.
Spiro has consistently positioned itself as a champion of locally driven industrialization, promoting a vision of electric vehicles manufactured in Africa by Africans for both the continent and global markets.
As demand for sustainable transport solutions continues to rise across Africa, the company says the fresh capital will support the next phase of growth while expanding access to affordable electric mobility for millions of users.
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