Spiro announced a $100 million investment round on October 21, 2025, including $75 million from the Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank). Spiro described it at the time as the largest investment in African two-wheel electric mobility. The company said the money would expand battery swapping in existing and new markets and strengthen its technology platform; later funding announcements in 2026 were separate and used different financing labels.
Who funded Spiro’s $100 million round?
Spiro’s October 21, 2025 announcement named $75 million from FEDA within the $100 million round. The release did not itemize the remaining participants, so the other $25 million should not be attributed to a particular investor based on the available announcement. Spiro called the raise the largest investment in African two-wheel electric mobility at that time; that is the company’s characterization, not an independently audited ranking or a claim that it remains the continent’s largest raise. Spiro’s announcement also said the company had raised more than $180 million in prior funding before this round, a company-reported figure that should not be treated as a reconciled all-time total.
What was the money intended to pay for?
Spiro said proceeds would expand its battery-swapping infrastructure in markets where it already operated and in new markets, and strengthen its technology platform. Contemporaneous TechCrunch coverage described plans to support the swapping network, manufacturing capacity, research and development, and pilots in Cameroon and Tanzania. Those were stated priorities, not evidence that every expansion or pilot had been completed.
At the time of the announcement, Spiro reported more than 60,000 motorcycles, over 1,200 swap stations, and more than 26 million battery swaps. These are company figures reported in 2025, not independently verified operating statistics.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →#1 Best Overall
- 【500W Motor & 21 MPH Top Speed】 This electric scooter powered by a 500W rated motor, reaches up to 21 MPH, perfect for city commuting, outdoor travel & campus cycling
- 【21 Miles Max Range】 This electric scooter for adults and teens rides up to 18–21 miles per charge with the high-capacity 36V 7.8AH battery. Fully recharges in 4 hours, giving you long rides with less waiting time
- 【8.5" Honeycomb Solid Tires & 20° Hill Climb】 8.5-inch honeycomb tires provide maintenance-free riding, solid grip, and smooth shock absorption, while easily conquering slopes up to 20°
- 【Dual Braking System + Bright Lights + IPX4】 This escooter features both electronic and rear drum brakes for reliable stopping power. Equipped with a bright headlight, rear taillight, and IPX4 waterproof rating for safe riding day or night in light rain
- 【Portable, Foldable & Lightweight】 This foldable electric scooter weighs only 35.1 lbs and supports riders up to 264 lbs. When folded, it measures 44.1"×16.7"×16.1", making it easy to carry or store in offices, subways, or car trunks
How does Spiro’s battery-swapping model work?
Spiro’s model links its electric motorcycles to a company-operated energy network. Riders buy or lease a motorcycle, then exchange a depleted battery for a charged one at a swap station and pay for the energy they use. The approach is designed to avoid waiting for a vehicle to recharge, but it also makes access to the network a central part of the ownership or leasing experience.
In 2025, CEO Kaushik Burman told TechCrunch that Spiro motorcycles cost around $800 in Kenya or Rwanda, compared with $1,300–$1,500 for a typical new gasoline motorcycle, and that their cost per kilometer was about 30% lower. These are Burman’s estimates as reported by TechCrunch, not independently verified comparisons; the report does not establish that they apply across every model, market, or rider’s use.
Rank #2
- POWERFUL MOTOR & 20 MPH TOP SPEED: Electric scooters is equipped with a powerful 500W peak motor, reaches speeds of up to 18 MPH for a smooth and efficient ride. making it perfect for daily commutes and city travel.
- LONG BATTERY LIFE: Foldable Scooter uses a 36V 7.8AH powerful battery built for short trips to school, work, or around the neighborhood without the worry of running out of battery
- SMART APP CONTROL: Connect your electric scooter to the mobile app for convenient operation and real-time monitoring. Use the app to activate the electronic lock, view real-time speed, switch speed units, adjust riding modes, control the headlight, and enable cruise control for a smarter and more customizable riding experience.
- 8.5" PNEUMATIC TIRES & IPX4 WATER RESISTANCE: This fast electric scooter has 8.5-inch air-filled tires that provide shock absorption and grip, which easily climb 20° slopes. With an IP65 waterproof rating, it can withstand splashes and light rain, making it a reliable choice for commuters and adventure seekers alike.
- PORTABLE & FOLDABLE: ONE-STEP FOLDING: To collapse the scooter in just 3 seconds and hold up to 220lb, which is easy to carry and store, ideal for commutes, subways, offices, or car trunks, making it ideal for adults and teens alike.
How did Spiro’s later funding differ?
In 2026, Spiro announced additional financing in separate announcements. The amounts and labels should be kept distinct: debt, equity, and the company’s later description of its “latest funding round” are not interchangeable, and the announcements do not provide a reconciled cumulative total across all financing.
| Date | Amount and financing label | Named investors | Stated purpose or context |
|---|---|---|---|
| October 21, 2025 | $100 million investment round; $75 million attributed to FEDA | FEDA named for $75 million; the release did not itemize the rest | Expand battery swapping in current and new markets and strengthen the technology platform |
| February 2026 | $50 million debt financing | Afreximbank, Nithio, and Africa Go Green Fund | Expand swapping and support automated swaps, fast charging, and renewable-energy integration |
| June 1, 2026 | $215 million equity round | The company announcement described an equity round; see Spiro’s announcement for its investor details | Expand the network, industrial footprint, technology development, and market entry |
| June 22, 2026 | Additional $55 million; Spiro said this closed its “latest funding round” at $270 million | NewTrails Capital | Additional investment in the latest round, as described by Spiro |
For the February debt announcement and the June equity and follow-on announcements, see Spiro’s financing updates. The Associated Press reported that the valuation tied to the $215 million equity round was not disclosed. The reviewed October 2025 sources do not establish a valuation for the earlier $100 million round either.
Rank #3
- POWERFUL MOTOR AND LONG BATTERY LIFE - The 350W electric brushless hub motor allows for speeds up to 18mph. High capacity battery with a Max. travel range of up to 17 miles under specific conditions. And our product has passed stringent UL 2272 testing. (Testing lab name: SGS)
- STABLE AND DURABLE FOR COMMUTING - Extremely smooth when accelerating and turning, Hiboy electric scooters have been made solid and durable quality with solid tires and whole frame.
- BEING SAFER WITH TECHNOLOGY - Hiboy E-Scooter S2 are made with front, middle and rear 3 lights. And double braking system features a disc braking and eABS regenerative anti-lock braking.
- HIBOY APP - Simply pair Hiboy Electric Scooter via Bluetooth and use the app to lock your scooter, to view riding statistics such as battery life. It works with both iPhones and Android smartphones.
- PORTABLE DESIGN - Hiboy e-scooter collapses for easy storage in car trunks and closets, beneath subway seats, and inside other compact spaces. Extra detachable scooter’s seat is available for more comfortable option. (Seat NOT included)
What scale and climate impact did Spiro report in 2026?
In its June 1, 2026 equity-round announcement, Spiro said it operated in seven markets and had more than 100,000 electric motorcycles and over 2,500 swap stations. These are company-reported figures dated to that announcement; they should not be combined with Spiro’s 2025 fleet and station figures as though measured at the same time.
The same June release described a third-party lifecycle assessment of Spiro’s operations in Kenya, reporting 72% lower climate impact than fossil-fuel motorcycles, approximately 19 tonnes of CO₂ avoided over a vehicle lifespan, an 80% reduction in ozone-depletion potential, and a 20% reduction in particulate-matter emissions. Spiro’s release did not name the assessor. The figures are therefore best understood as claims reported by the company about that assessment and its Kenya scope, not as independently documented results for every market or vehicle.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
