Spiro Raises $50 Million Debt to Expand Electric Mobility Operations Across Africa

Spiro, the electric mobility company with an operational hub in Kenya, has raised $50 million in debt financing to expand its operations across the African continent.

The new funding comes on the heels of a $100 million raise in October 2025, bringing the company's total announced fundraises since 2020 to $330 million in combined debt and equity financing.

For the e-mobility startup, deploying debt for operational expenses tied to predictable, revenue-linked assets—such as warehousing and dealership lots—allows the company to pay back loans when it reaches break-even.

Equity capital, by contrast, enables Spiro to absorb marginal losses on its production capacity, fund research and development, and hire more talent—costs that do not guarantee immediate revenue but bring long-term scale.

The debt-only nature of this latest funding round signals Spiro's business maturity and capacity for immediate revenue generation.

Since its founding in 2019, Spiro has expanded to multiple African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company now controls 40 dealerships on the continent and has deployed over 80,000 e-bikes across Africa.

Its Kenyan facility alone is capable of producing 50,000 units annually. This represents significant growth from January 2024, when Spiro had deployed only 10,000 e-bikes in far fewer markets.

Spiro also operates at least 2,500 battery-swapping stations in Africa, giving riders proximity to access power for their vehicles.

Whilst debt financing will power further growth for Spiro's expansion plans, some of the capital could trickle to manufacturing. Much of its kit is still being manufactured in China and shipped to Africa as completely-knocked-down (CKD) units and semi-knocked-down (SKD) assembly.

Spiro is one of the most visible e-bike producers on the continent, and with deeper capital, the company aims to solidify its position as a leader in Africa's emerging e-mobility sector.