Electric mobility firm Spiro has secured $7 million (approximately Sh903 million) in debt financing from climate-focused financier Nithio to accelerate its electric motorbike expansion across Kenya and other African markets.
The funding, provided through Nithio’s FAIR Fund, will support the rollout of additional electric motorcycles, expansion of battery-swapping infrastructure, and growth of Spiro’s dealership network.
The investment indicates rising investor confidence in Africa’s clean transport sector as countries push to reduce carbon emissions and fuel costs.
“At Nithio, we invest in solutions that accelerate climate resilience and economic inclusion at scale. Electric mobility is one of the most compelling opportunities to decarbonize Africa’s transport sector while delivering immediate cost savings and productivity gains for millions of people,” the company said in a statement.
Founded in 2022, Spiro has rapidly emerged as a market leader in Africa’s electric two-wheeler segment. The company currently operates more than 80,000 electric motorcycles supported by approximately 2,500 battery swap stations and four operational assembly facilities across seven African markets.
In Kenya alone, Spiro runs 40 dealerships across 30 counties and plans to scale up to 100 dealerships, with a presence in all 47 counties by the end of 2026. The expansion is expected to deepen access to affordable, clean transport for boda boda riders while creating green jobs in distribution, servicing, and battery management.
Spiro’s electric motorbikes use swappable battery technology, allowing riders to exchange depleted batteries for fully charged ones within minutes at designated stations – eliminating long charging downtimes and improving operational efficiency.
The Sh903 million facility adds to a series of major capital raises by the company. In the last quarter of 2025, Spiro closed a $100 million funding round, including $75 million from the Fund for Export Development in Africa (FEDA), the development impact investment arm of Afreximbank.
Earlier investments from Equitane and Société Générale pushed its cumulative funding beyond $180 million.
As fuel prices remain volatile and urban air pollution intensifies, Spiro’s electric motorbike expansion signals a decisive shift toward sustainable, cost-efficient transport solutions across the continent.