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By Victoria Fakiya
Lagos, Nigeria: Electric motorcycles are having a serious money moment in Africa. Spiro has secured another $18 million from the Africa Go Green Fund (AGG), doubling the fund’s total financing commitment to the electric mobility company to $36 million.
The fresh debt will go towards putting more electric motorcycles on the road and expanding Spiro’s battery-swapping network in Uganda and Rwanda. AGG’s latest commitment comes less than a year after its first $18 million facility in December 2025.
Spiro’s model is not just about selling electric bikes. The company pairs its motorcycles with battery-swapping stations, allowing riders to replace depleted batteries instead of waiting around to recharge.
As of September 2026, Spiro had deployed more than 135,000 electric motorcycles and completed over 50 million battery swaps, according to Dealroom’s summary of the latest deal. The company is now using the additional financing to deepen that infrastructure in East Africa, where commercial motorcycles are a major part of everyday transport and delivery.
There has been a lot of money behind this expansion already. In October 2025, Spiro announced a $100 million investment, which it described as the largest-ever electric mobility investment in Africa at the time.
Then, in February 2026, it secured another $50 million in debt from Afreximbank, Nithio, and AGG. By June, it had raised a further $215 million equity round from Impact Fund Denmark and Equitane, taking total funding above $343 million at that point.
The bigger story is that Africa’s electric-mobility market is moving beyond pilot projects and into infrastructure. Spiro currently operates across Kenya, Uganda, Rwanda, Nigeria, Benin, Togo and Cameroon, with other markets in the pipeline.
In Kenya, for example, electric motorcycles made up 15.3% of new motorcycle registrations in 2025, compared with just 0.5% in 2021. More broadly, electric motorcycle and three-wheeler imports from China rose 60% in the first half of 2026, although Africa’s EV transition remains uneven and commercial operators still face challenges around financing, reliable power and battery standards.
For Spiro, the latest $18 million is therefore less about simply buying more bikes and more about building the network that makes those bikes useful at scale. AGG, which is managed by Cygnum Capital, provides debt financing to African businesses working on areas such as clean transport and energy efficiency.
With the fund now doubling its commitment to Spiro, the company has another sizable pool of capital to expand its battery-swapping infrastructure in Uganda and Rwanda and push its electric-mobility model further across the continent.
