EV Startups Spiro and ARC Ride Raise New Capital As Electric Motorcycles Sees Growth
- Spiro secured a $7 million senior debt facility from climate fintech Nithio.
- ARC Ride is attracting a $5 million equity investment from the International Finance Corporation (IFC).
- Kenya aims to have 35,000 registered electric vehicles by the end of 2025.
The shift towards infrastructure-led financing in Kenya's electric motorcycle sector is a promising development that could lead to sustainable growth and operational efficiency. However, stakeholders must ensure that this growth is inclusive and addresses the needs of informal transport workers who rely on these innovations.
