Spiro raises $100 million as it takes over half of Kenya’s electric bike market
- Spiro raised $100 million in funding to expand its battery-swapping network.
- The funding round was led by Afreximbank’s Fund for Export Development in Africa.
- Spiro plans to deploy 100,000 electric vehicles by the end of 2025.
The significant funding raised by Spiro highlights the growing interest and investment in electric mobility in Africa. This could lead to transformative changes in transportation, especially in urban areas where two-wheel transport is prevalent. However, the company must navigate challenges such as market competition and infrastructure development to realize its ambitious expansion plans.
