Africa Go Green Fund Adds $18 Million to Spiro Financing, Taking Total to $36 Million

Africa Go Green Fund (AGG), managed by Cygnum Capital, has increased its financing commitment to electric mobility company Spiro by $18 million, taking its total commitment to $36 million. The additional financing builds on a debt facility closed in December 2025, under which AGG committed $18 million and Nithio committed $7 million. AGG also served as the investment structuring lead for the original transaction.

According to Spiro, the company had deployed more than 135,000 electric motorcycles, operates more than 2,500 swap stations and has completed over 50 million battery swaps across seven countries as of September 2026. It has assembly facilities in Uganda, Kenya, Nigeria and Rwanda.

The company said the additional financing will support the deployment of electric motorcycles and expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda. The company operates a battery-swapping network for electric two-wheelers across its markets.

Spiro has also launched large-format battery-swapping stations in Kenya and Rwanda. The company said these stations are intended to provide riders with access to charged batteries through its swapping network. Spiro’s model combines electric motorcycles with battery-swapping infrastructure, allowing riders to replace depleted batteries at designated stations instead of waiting for the vehicle to charge.

Laurène Aigrain, Managing Director of Africa Go Green Fund, said: “Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda.”

Gagan Gupta, Founder of Spiro, said: “Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital.”

Anant Badjatya, Group CEO of Spiro, said: “This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders.”

AGG provides debt financing to businesses and projects focused on reducing greenhouse gas emissions in Africa. Its areas of focus include industrial energy efficiency, green buildings, clean transport and green appliances. Its current committed capital stands at $232 million.

Also read: 1,00,000 swaps a day – and counting: Inside SPIRO’s plan to electrify Africa’s roads