Spiro, an African electric mobility company, has secured an additional $18 million in debt financing from Africa Go Green Fund (AGG), doubling the fund’s total financing commitment to $36 million. Managed by Cygnum Capital, AGG will provide the additional capital to support Spiro’s expansion of electric motorcycles and battery-swapping infrastructure in Uganda and Rwanda.
The new financing builds on an existing debt facility established in December 2025, under which AGG committed $18 million and Nithio committed $7 million. AGG also served as the investment structuring lead for the original transaction.
Spiro operates an integrated electric mobility platform combining electric motorcycles with a growing network of battery-swapping stations. Its business model enables riders to exchange depleted batteries for charged batteries, reducing charging-related downtime and lowering barriers to electric motorcycle adoption.
As of September 2026, Spiro had deployed more than 135,000 electric motorcycles across Africa and completed more than 50 million battery swaps across seven countries. Its network includes more than 2,500 battery-swapping stations, supporting commercial riders and other customers who depend on motorcycles for daily transportation and business operations.
The company has also recorded more than 2.5 billion kilometers of electric motorcycle travel, demonstrating the scale of its operations and the growing adoption of battery-swapping technology in African markets.
The additional financing will support motorcycle deployments in Uganda and Rwanda while expanding the infrastructure required to service a larger customer base. Spiro has also introduced larger battery-swapping stations in Kenya and Rwanda to improve access to charged batteries and support higher transaction volumes.
The investment aligns with AGG’s mandate to provide debt financing for commercially viable projects that reduce greenhouse gas emissions. The fund has approximately $232 million in committed capital and supports investments across clean transportation, energy efficiency, green buildings, and other climate-related sectors.
Cygnum Capital manages AGG as part of its broader investment management activities across African and emerging markets. The firm’s asset management business oversees more than $1.44 billion in assets across 38 African countries.
KEY QUOTES:
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda.”
Laurène Aigrain, Managing Director of Africa Go Green Fund
“Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital.”
Gagan Gupta, Founder of Spiro
“This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders.”
Anant Badjatya, Group CEO of Spiro
