(Togo First) - Spiro, the two-wheel electric mobility company formerly known as M-Auto, which has operated in Togo since 2022, has closed a record funding round of $100 million (approximately 56.5 billion CFA francs). This is the largest fundraising round ever recorded in the African e-mobility sector.
The investment, led by the Fund for Export Development in Africa (FEDA), the impact investing subsidiary of Afreximbank, aims to strengthen Spiro's market position. The capital will be used to expand the company's activities, notably through an enlarged network of battery-swap stations.
Established in 2022, Spiro currently operates more than 60,000 electric motorbikes and 1,200 battery-swap stations across six African countries: Togo, Benin, Rwanda, Nigeria, Kenya, and Uganda.
The raise comes at a time when “Africa is at an inflection point in personal mobility.”
According to Kaushik Burman, CEO of Spiro, “Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles.”
Spiro plans to accelerate the installation of new battery-swap stations in its key markets, including Togo. The company also intends to support the creation of skilled jobs related to the production, maintenance, and management of African-made electric vehicles.
Furthermore, with the new resources, Spiro projects deploying over 100,000 vehicles by the end of 2025 while developing clean, decentralized energy infrastructure across the continent.
In Togo, Spiro aligns with the national energy transition and sustainable mobility policy, which is supported by tax incentives written into the 2024 finance law, particularly the exemption on the importation of electric batteries.
R.E.D.