Electric mobility startup Spiro raises $50 million for African expansion

Investments

Wednesday, 25 February 2026 11:26

Electric mobility startup Spiro raises $50 million for African expansion

(Togo First) - Electric mobility startup Spiro has raised $50 million in debt to fund its expansion across Africa, the company said on Tuesday.

Spiro, which began operations in Togo under the M-Auto brand, secured the financing from Afreximbank, Nithio and the Africa Go Green Fund.

The deal follows a $100 million fundraising round in 2025 and signals sustained investor interest in the battery-swapping model, which is infrastructure-intensive.

Under the model, customers buy the motorcycle while Spiro retains ownership of the batteries, which riders exchange within minutes at dedicated stations.

Spiro operates in six African countries, including Togo. It says it has more than 80,000 electric motorcycles on the road and over 2,500 swap stations, with more than 1 billion kilometers traveled without direct emissions.

The company will use the funds to expand its network and develop new technology, including automated battery swaps and greater integration of renewable energy.

“This financing strengthens our plan to build a scalable energy network tailored to Africa,” CEO Kaushik Burman said.

Lenders see the transaction as further evidence that the sector is maturing. The model could also support local manufacturing in countries where Spiro operates, including Togo, where assembly projects are already underway in East and West Africa.

Ayi Renaud Dossavi

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