Spiro’s $215 Million Raise Puts Africa’s Unicorn Dream in Sight
African electric mobility startup Spiro is closing in on unicorn status after securing a Spiro $215 million funding round from European and African investors, pushing the company toward a $1 billion valuation. The development confirmed by Spiro founder Gagan Gupta in an interview with Bloomberg, where he outlined the company’s expansion plans following the latest capital raise.
The latest funding round backed by Impact Fund Denmark and Equitane Inc., adding institutional weight to a company that has already reshaped how millions of Africans think about two-wheel transport. If the valuation milestone reached, Spiro would join the likes of Flutterwave, OPay, Moniepoint, and Interswitch in Africa’s exclusive unicorn club.
Expansion, Battery Swaps, and a Bigger African Footprint
Gupta said The newly raised capital will be deployed to strengthen Spiro’s battery-swapping network and manufacturing capacity across the seven African countries where it currently operates, with plans to expand into Malawi, Mali, and Ethiopia.
The Spiro $215 million funding round builds on strong momentum. It follows a $100 million equity round completed late last year and a separate $50 million debt financing secured earlier in 2026.
Spiro currently operates a fleet of more than 100,000 electric motorcycles and approximately 2,500 battery-swapping stations, with manufacturing facilities in Kenya, Rwanda, and Uganda, alongside a battery recycling plant in Nigeria.
According to Gupta, electric vehicles cut operating costs for riders by between 30% and 40% compared to conventional petrol-powered motorcycles a compelling economic case in markets where fuel costs bite hard.
Impact Fund Denmark CEO Lars Bo Bertram said the fund committed Danish pension capital to Spiro because it sees strong long-term commercial prospects for the company and Africa’s emerging electric mobility industry. Africa’s corporate mobility market estimated to be worth more than $33 billion, and Spiro is positioning itself right at the centre of it.
