The investment, announced on June 22, follows Spiro's earlier $215 million equity funding round backed by a consortium of institutional, international and regional investors. The latest financing reinforces investor confidence in Africa's rapidly growing electric mobility sector and positions Spiro among the continent's best-funded clean energy and e-mobility companies.

The company said the fresh capital will accelerate the expansion of its battery-swapping network, manufacturing capabilities and next-generation EV infrastructure across high-growth African markets.

Spiro currently operates in seven countries, Rwanda, Kenya, Uganda, Nigeria, Benin, Togo and Cameroon, where it is helping replace fuel-powered motorcycles with electric alternatives.

The company has deployed more than 100,000 electric motorcycles, established over 2,500 battery-swapping stations and completed more than 30 million battery swaps, making it Africa's largest operator of battery-swapping infrastructure for electric two-wheel vehicles.

Beyond expanding its network, the partnership with NewTrails Capital is expected to strengthen Spiro's manufacturing ambitions by supporting the localisation of production and supply chains in Africa, particularly through collaboration with Chinese suppliers.

Spiro Founder and Chairman of Equitane, Gagan Gupta, welcomed the investment, saying it reflects growing confidence in the company's vision and progress.

“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion”, he stated.

NewTrails Capital Founding Partner Yufan Zhang said the investment reflects the firm's confidence in Spiro's business model and long-term prospects.

“Spiro's core strengths lie in its deeply localized operating capabilities, vertically integrated supply chain, digitally enabled ecosystem, sound unit economics, and strong ability to scale rapidly,” Zhang noted.

Zhang added that the company has successfully integrated electric vehicles, batteries, energy replenishment, payments and service networks into a solution tailored to African markets, and that Chinese financing and supply chains can play an increasingly important role in supporting Africa's clean energy transition.

The investment comes as many African countries seek to reduce dependence on imported fossil fuels, strengthen energy security and modernise urban transport systems. It also highlights increasing global investor interest in scalable EV infrastructure across the continent.

Founded to accelerate Africa's transition to clean mobility, Spiro is expanding regional production and assembly operations with the goal of manufacturing electric vehicles in Africa for African and international markets.