Spiro Raises Additional $55 Million Funding

Spiro has closed a funding round totalling $270 million, including a newly finalised $55 million investment from NewTrails Capital, a Chinese growth-stage investment fund with operations in Shanghai, Shenzhen and Nigeria.

The investment comes as the company continues to expand its electric mobility and energy infrastructure across Africa. According to Spiro, it has deployed 100,000 electric vehicles and 2,500 battery swap stations across seven markets.

The latest funding round builds on previous investments from institutional partners including FEDA, Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund. The company said the new capital will support its manufacturing activities and supply chain localisation efforts on the continent, particularly through collaboration with Chinese suppliers.

“I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique tech, energy and innovation journey. Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase. Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion”, stated Gagan Gupta, Founder of Spiro and Chairman of Equitane.

“We believe Spiro is driving a profound “energy revolution” across mobility use cases in Africa. This represents not only a vast and highly imaginative market opportunity, but also the potential to grow into an infrastructure-like business that creates meaningful commercial, social, and environmental value,” said Yufan Zhang, Founding Partner of NewTrails Capital, commenting on the investment.

In our view, Spiro’s core strengths lie in its deeply localized operating capabilities, vertically integrated supply chain, digitally enabled ecosystem, sound unit economics, and strong ability to scale rapidly. More importantly, Spiro has systematically integrated vehicles, batteries, energy replenishment, payments, and service networks into a solution that is truly tailored to the needs of African users, effectively addressing long-standing structural pain points in the local market.

As a Chinese fund committed to investing in Africa’s energy transition and green technology, we are also very encouraged to see Chinese supply chains and financing playing an increasingly important role in this process. Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition.”

The partnership is expected to support Spiro’s ongoing efforts to strengthen local manufacturing capabilities and expand its supply chain network across Africa.