Electric motorcycle company Spiro has secured an additional $18 million in debt financing to support its expansion across Uganda and Rwanda.
The latest financing from the Africa Go Green Fund brings its total commitment to Spiro to $36 million. The funds will be used to increase the company’s electric motorcycle fleet and expand its battery swapping infrastructure in both markets.
Spiro said it has so far deployed more than 135,000 electric motorcycles across seven African countries and recorded more than 50 million battery swaps.
The latest commitment follows an $18 million investment from the Africa Go Green Fund in December 2025, which formed part of a $25 million debt facility that also included $7 million from Nithio.
The company has continued to attract significant funding as it grows across the continent. In October 2025, Spiro raised $100 million, including $75 million from the Fund for Export Development in Africa, the investment arm of Afreximbank.
In February, the company secured another $50 million debt facility from Afreximbank, Africa Go Green Fund and Nithio to support the expansion of its battery swapping network.
Spiro later announced $215 million in equity financing, followed by a further $55 million investment from NewTrails Capital, taking the total equity round to $270 million.
The latest debt financing is separate from those equity investments and is targeted specifically at expanding Spiro’s operational infrastructure.
Spiro’s battery swapping system enables riders to replace depleted batteries with fully charged ones instead of waiting for the motorcycles to recharge. The company has also introduced larger swapping stations in Kenya and Rwanda as it continues to strengthen its network.
Laurène Aigrain, Managing Director of the Africa Go Green Fund, said the additional financing reflected the progress made by Spiro since its initial investment.
Spiro founder Gagan Gupta said the increased commitment demonstrated continued investor confidence in the company, while Group Chief Executive Officer Anant Badjatya said the new funding would help accelerate the company’s expansion in Uganda and Rwanda.
The latest financing provides Spiro with additional debt capital to expand its motorcycle fleet and battery infrastructure while taking the Africa Go Green Fund’s total commitment to the company to $36 million.
The latest funding comes as Spiro continues to broaden its presence in Africa’s growing electric mobility market.
