Spiro
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Founders
About
Spiro is an African electric-vehicle platform operating the continent’s largest battery-swapping network for electric two-wheelers 12. The company is headquartered in Dubai and grew out of the Equitane investment platform under chairman Gagan Gupta 2. By June 2026, Spiro had more than 100,000 electric motorcycles on the road, over 2,500 battery-swap stations, and had completed more than 30 million battery swaps across seven African markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon 123.
The June 2026 financing closed an equity round that ultimately totaled $270 million, with Chinese growth investor NewTrails Capital providing an additional $55 million on top of prior commitments from Impact Fund Denmark, Equitane, and Afreximbank’s Fund for Export Development in Africa (FEDA) 123.
Funding History
| Date | Round | Amount | Lead | Co-investors |
|---|---|---|---|---|
| 2026-06-22 | Growth equity (additional tranche) | $55M | NewTrails Capital | (existing-round participants) 12 |
| 2026-06 | Growth equity (initial close) | $215M | Impact Fund Denmark, Equitane, FEDA | 23 |
| 2025-10 | Equity | $100M | FEDA (Afreximbank) | 2 |
Round-total disclosed: $270M in the 2026 financing. Spiro is reported to be approaching unicorn valuation but the exact valuation was not disclosed 2.
What Investors Say
No independently sourced investor quotes located at time of profile creation.
What Founders Say
No independently sourced founder quotes located at time of profile creation.
Sources
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“African Electric Vehicle (EV) platform Spiro secures $55M additional backing from Chinese investor NewTrails Capital,” APO Group / Africa Newsroom press release, June 22, 2026. Accessed June 2026. https://www.africa-newsroom.com/press/african-electric-vehicle-ev-platform-spiro-secures-55m-additional-backing-from-chinese-investor-newtrails-capital-to-boost-electric-mobility-and-energy-infrastructure-in-africa?lang=en↩↩↩↩
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“Spiro takes $55M from China’s NewTrails as it nears a $1bn valuation,” The Next Web, June 22, 2026. Accessed June 2026. https://thenextweb.com/news/spiro-takes-55m-from-chinas-newtrails-as-it-nears-a-1bn-valuation↩↩↩↩↩↩↩↩
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“Kenyan EV startup Spiro raises extra $55m to take funding round to $270m,” Disrupt Africa, June 23, 2026. Accessed June 2026. https://disruptafrica.com/2026/06/23/kenyan-ev-startup-spiro-raises-extra-55m-to-take-funding-round-to-270m/↩↩↩