Spiro, an African electric mobility company, has secured an additional $18m financing from Africa Go Green Fund (AGG), bringing the fund’s total commitment to the company to $36m.
The additional financing, managed by Cygnum Capital, comes less than a year after AGG’s initial $18m commitment to Spiro. The earlier debt facility, closed in December 2025, also included a $7m commitment from Nithio.
The latest funding will support Spiro’s deployment of more electric motorcycles and the expansion of its battery-swapping infrastructure in Uganda and Rwanda.
Spiro said it has deployed more than 135,000 electric motorcycles across seven African countries and completed more than 50 million battery swaps as of September 2026.
The company has also launched mega battery-swapping stations in Kenya and Rwanda as part of efforts to improve access to charged batteries and strengthen its energy network.
Spiro operates an electric mobility model that combines electric motorcycles with a battery-swapping network. The system allows riders to exchange depleted batteries for charged ones, reducing the time required to recharge vehicles.
The additional financing is expected to help the company expand its customer base and increase utilisation of its existing battery and swap-station infrastructure.
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential,” said Laurène Aigrain, Managing Director of Africa Go Green Fund.
Aigrain said the investment would support the expansion of electric mobility solutions while helping to reduce transport emissions and riders’ exposure to the cost of conventional fuels.
Gagan Gupta, founder of Spiro, said the decision to double AGG’s commitment reflected confidence in the company’s growth and the long-term potential of electric mobility across Africa.
Anant Badjatya, Group CEO of Spiro, said the additional financing would enable the company to accelerate its operations in Uganda and Rwanda.
“This additional financing will enable us to accelerate execution in two important East African markets,” Badjatya said.
He added that Spiro would use the funding to deploy more electric motorcycles, expand battery-swapping infrastructure and strengthen its network in the two markets.
Spiro currently operates more than 2,500 battery-swapping stations and has recorded more than 2.5 billion kilometres of low-carbon travel, according to the company.
It has assembly operations in Uganda, Kenya, Nigeria and Rwanda and said it is focused on producing electric vehicles in Africa for the continent and international markets.
Africa Go Green Fund provides debt financing to businesses and projects focused on reducing greenhouse gas emissions across Africa. Its investment areas include industrial energy efficiency, green buildings, clean transport and green appliances.
The fund, established by KfW, has current committed capital of $232m, according to Cygnum Capital.
Cygnum Capital, which manages AGG, has more than $1.44bn in assets under management and investments across 38 African countries.
