Spiro closes $270 million funding round with $55 million investment from NewTrails Capital

African EV platform Spiro has announced the closing of its latest funding round at $270 million, following a $55 million investment from NewTrails Capital, a China-based growth-stage investment fund with operations in Shanghai, Shenzhen and Nigeria.

According to the company, the funding will support the expansion of its battery-swapping network, industrial footprint and electric vehicle (EV) infrastructure across the African markets where it operates. The round includes participation from investors including FEDA, Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund.

Gagan Gupta, Founder of Spiro and Chairman of Equitane, said “I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique tech, energy and innovation journey. Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase. 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.” 

Yufan Zhang, Founding Partner of NewTrails Capital, said the firm views Spiro’s integrated electric mobility and energy infrastructure in Africa as a long-term investment opportunity. He said the company’s approach combines vehicles, batteries, battery-swapping infrastructure, payments and service networks. He added that the fund will continue to support the company’s expansion and the region’s energy transition.

According to Spiro, it currently operates more than 100,000 electric motorcycles, over 2,500 battery-swapping stations, and has completed more than 30 million battery swaps across its markets. The company also said it is expanding its vehicle production and assembly operations in Africa.

Also read: Spiro raises $215 million for African EV expansion | Pune Tech Center to support growth