Spiro nears unicorn status after securing $215 million funding round

African electric mobility startup Spiro is nearing unicorn status after raising $215 million from European and African investors, bringing the company closer to a valuation of $1 billion.

The development was disclosed by Spiro founder Gagan Gupta in an interview with Bloomberg, where he outlined the company’s expansion plans following the latest funding round.

If Spiro attains a valuation of $1 billion or more, it would join the ranks of Africa’s unicorn startups, including Flutterwave, OPay, Moniepoint, Interswitch, and Chipper Cash.

What they are saying

According to Gupta, the newly raised capital will be deployed to strengthen Spiro’s battery-swapping network and manufacturing capacity across the seven African countries where it currently operates.

The company also plans to expand into new markets, including Malawi, Mali, and Ethiopia. Gupta added that the latest funding round was backed by Impact Fund Denmark and Equitane Inc.

• He noted that the investment reflects growing confidence among institutional investors in African mobility platforms that are working to modernize transportation systems across the continent, where rapid urbanization and a young population are driving demand for efficient mobility solutions.
• Gupta further disclosed that the latest equity raise builds on Spiro’s previous fundraising efforts, following a $100 million equity round completed late last year and a separate $50 million debt financing secured earlier this year.

Speaking on the investment, Impact Fund Denmark Chief Executive Officer Lars Bo Bertram said the fund committed Danish pension capital to Spiro because it sees strong long-term commercial prospects for both the company and Africa’s emerging electric mobility industry.

More insights

The latest fundraising comes amid increasing investor interest in Africa’s mobility sector.

• Several startups are scaling operations across the continent, including Uber-backed mobility company Moove, which is currently raising additional equity after securing more than $1 billion in debt financing last year and expanding into autonomous vehicle fleet management in major markets such as the United States.
• Spiro has rapidly expanded its footprint across Africa, with a fleet of more than 100,000 electric motorcycles and approximately 2,500 battery-swapping stations. The company also operates manufacturing facilities in Kenya, Rwanda, and Uganda, alongside a battery recycling plant in Nigeria.

According to Gupta, electric vehicles offer significant economic advantages for riders, reducing operating costs by between 30% and 40% compared to conventional fossil fuel-powered vehicles.

What you should know

Africa’s mobility industry is attracting increasing investor attention as governments and businesses seek cleaner and more efficient transportation solutions.

• Nigeria’s mobility sector is currently valued at approximately $10.9 billion and is projected to grow at a compound annual growth rate (CAGR) of 6.6% between 2025 and 2029. Meanwhile, Africa’s corporate mobility market is estimated to be worth more than $33 billion.
• In 2025, Nairametrics reported that Spiro secured $100 million in funding, the largest investment ever recorded in Africa’s two-wheel electric mobility sector.

The company said it plans to deploy more than 100,000 electric vehicles by the end of 2025, representing a 400% year-on-year increase. The investment is also expected to accelerate the rollout of battery-swapping infrastructure across Africa, further strengthening Spiro’s position in the continent’s clean transportation ecosystem.