Dubai-based electric mobility startup Spiro has raised $100 million in funding led by The Fund for Export Development in Africa (FEDA), marking the largest-ever investment in Africa’s EV mobility sector.
The company plans to deploy over 100,000 electric motorbikes by the end of 2025, a 400% jump from its current fleet. Founded just three years ago, Spiro has rapidly grown to operate in six countries, including Kenya, Nigeria, Rwanda, and Uganda, with 60,000 bikes and 1,500 battery swap stations.
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Spiro’s model centers around affordability and convenience for Africa’s millions of motorcycle taxi riders. Its e-bikes cost 40% less than gas-powered ones and offer 30% lower per-kilometer costs thanks to its battery-swapping network. Riders save about $3 daily, making the switch to electric bikes financially attractive.
With the new funding, Spiro will expand its swap infrastructure, boost local manufacturing, and enhance R&D, while piloting in Cameroon and Tanzania.
CEO Kaushik Burman says the startup’s mission is clear: “Our competition isn’t other EV startups, it’s the gasoline bike industry. Africa’s transport future is electric.”
