Electric motorcycle company Spiro secures $18 million to expand operations in Rwanda
Electric motorcycle company Spiro has secured an additional $18 million in debt financing to expand its operations in Rwanda and Uganda.
The funding was provided by the Africa Go Green Fund, bringing the fund’s total investment in Spiro to $36 million.
Spiro says the new financing will be used to increase the number of electric motorcycles and expand battery-swapping infrastructure, particularly in Rwanda and Uganda.
In Rwanda, Spiro began operations in April 2023 and has since deployed more than 28,000 electric motorcycles, supported by more than 350 battery-swapping stations.
The company is also expanding its network in the country by developing larger battery-swapping stations aimed at reducing the time riders spend waiting for fully charged batteries and making electric motorcycles more convenient to use.
Across Africa, Spiro says it has deployed more than 135,000 electric motorcycles and recorded more than 50 million battery swaps across the countries where it operates.
