Dubai-based Spiro has for four years been building infrastructure to support Africa’s transition to electric mobility. The company manufactures, finances and sells three varieties of electric motorcycles, and operates a network of more than 2,500 battery swapping stations for drivers in seven African countries. Its latest investor is China-based NewTrails Capital, which is backed by Chinese smartphone producer Shenzhen Transsion Holdings and invests in alignment with China’s Belt and Road initiative.
The growth fund manager committed $55 million to Spiro’s $270 million investment round. “Spiro has systematically integrated vehicles, batteries, energy replenishment, payments and service networks into a solution that is truly tailored to the needs of African users, effectively addressing long-standing structural pain points in the local market,” said NewTrails Capital’s Yufan Zhang in a statement.
Supply chains
Part of the funding will be used to help Spiro secure relationships with Chinese manufacturers. “As a Chinese fund committed to investing in Africa’s energy transition and green technology, we are very encouraged to see Chinese supply chains and financing playing an increasingly important role in this process,” said Zhang.
Spiro earlier this month announced a $215 million raise from Equitane, which anchored the company when it was founded in 2022, and Impact Fund Denmark (see, “EV maker Spiro lands $215 million as African countries grapple with fuel costs”).
