Spiro, Africa’s largest electric mobility company, has raised $225 million in fresh funding, bringing the startup another step closer to unicorn status.

Operating across Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, Spiro has positioned itself as one of the continent’s most ambitious clean transportation companies. The company says its electric motorcycles can reduce riders’ daily transport costs by up to 40% while delivering significant environmental benefits, including a 72% reduction in climate impact.

The latest funding milestone follows a landmark $100 million investment round announced in October last year. In February, the company also secured an additional $50 million in debt financing from Afreximbank, further strengthening its expansion plans.

Image Credit: SpiroNet

“This past year marked a defining strategic milestone for Spiro,” said Gagan Gupta, founder of Spiro and chairman of Equitane. “Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality.”

According to Gupta, the company has become a major driver of industrialisation and job creation across the continent, supporting more than 6,000 direct and indirect jobs. He added that Spiro’s next phase of growth will focus on expanding access to clean and affordable transportation for millions more riders across Africa.

“Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent,” Gupta said.

Image Credit: SpiroNet

While Africa’s electric mobility market remains relatively small compared with more mature markets such as China and Europe, the sector is growing rapidly. Analysts point to increasing government support for cleaner transportation and the emergence of locally tailored business models, including battery-swapping networks that reduce charging times and lower the upfront costs of vehicle ownership.

As demand for sustainable transport solutions grows, Spiro is betting that its combination of electric vehicles and battery-swapping infrastructure will help accelerate Africa’s transition to cleaner mobility.