Spiro, Africa’s leading electric vehicle and clean energy infrastructure platform, has announced the successful close of its latest funding round at $270 million following a fresh $55 million investment from Chinese growth-stage fund NewTrails Capital. The investment strengthens Spiro’s position as one of the continent’s most strongly backed e-mobility and energy infrastructure companies and signals growing global confidence in scalable clean transport platforms across Africa.
The new capital comes at a time when African economies are seeking to reduce dependence on imported fuel, strengthen energy sovereignty and modernize urban mobility systems. Spiro said the latest round reflects increasing investor interest in businesses that combine electric mobility, battery infrastructure and energy services into a single platform. With this funding, the company aims to accelerate the expansion of its battery-swapping network, manufacturing footprint and next-generation electric vehicle infrastructure in high-growth African markets.
Spiro has already built a substantial operating base across seven of Africa’s fastest-growing urban markets. The company says it has deployed more than 100,000 electric vehicles and established over 2,500 smart-swap stations, enabling more than 30 million battery swaps to date. These figures show that the business has moved beyond the proof-of-concept stage and is now scaling as a major mobility infrastructure player. The latest funding is expected to help it deepen this momentum through further network growth, operational expansion and technology deployment.
The round brings together a wide mix of global institutional and impact investors. In addition to NewTrails Capital, the company’s backers include long-standing partners such as FEDA, as well as investors from Europe and Africa, including Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund. This broad base of support highlights both the commercial appeal and the developmental significance of Spiro’s model, which combines profitability goals with clean energy impact.
Gagan Gupta, Founder of Spiro and Chairman of Equitane, said the company is grateful to NewTrails Capital for believing in Spiro’s model and supporting its technology, energy and innovation journey. He noted that the company’s deployment scale across seven active markets demonstrates that it has moved into a new phase of growth, and said the partnership with NewTrails marks an important next chapter as Spiro prepares for pan-African and international expansion.
Yufan Zhang, Founding Partner of NewTrails Capital, said the firm sees Spiro as driving an “energy revolution” across mobility use cases in Africa. He described the company as a strong example of an infrastructure-like business with meaningful commercial, social and environmental value. Zhang also pointed to Spiro’s localized operating model, vertically integrated supply chain, digitally enabled ecosystem, strong unit economics and ability to scale quickly as key strengths. He added that the company has integrated vehicles, batteries, energy replenishment, payments and service networks into a single solution tailored to African users.
Spiro’s model is built around affordability, accessibility and sustainability. By replacing fossil-fuel transport with electric two-wheelers supported by a dense battery-swapping network, the company is addressing one of the most practical barriers to EV adoption in Africa: charging convenience. Its regional production and assembly footprint also supports a broader industrial strategy, with the company aiming to build electric vehicles in Africa, by Africans, for Africa and global markets.
The investment from NewTrails Capital also reflects a wider trend of Chinese capital and supply chains playing a bigger role in Africa’s green technology transition. For Spiro, the backing provides additional fuel for expansion at a time when demand for clean, cost-effective mobility solutions is rising across urban Africa. The company says the new funding will support its long-term ambition to build the continent’s most extensive and integrated EV and energy infrastructure network.
