Spiro, one of Africa’s leading electric vehicle (EV) and clean energy infrastructure companies, has secured $270 million in its latest funding round to expand its electric mobility ecosystem and accelerate the continent’s transition towards sustainable transport and energy solutions.
The funding includes a newly concluded $55 million investment from NewTrails Capital, a Chinese growth-stage investment fund focused on emerging markets, with operations in Shanghai, Shenzhen and Nigeria.
The latest investment strengthens Spiro’s position as one of Africa’s most funded electric mobility companies, supporting the expansion of its EV deployment, battery-swapping infrastructure and clean energy solutions across the continent.
Spiro’s latest equity round builds on backing from institutional partners including the Fund for Export Development in Africa (FEDA), Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund, attracting capital from investors across Europe, Africa and Asia.
Spiro Founder and Equitane Chairman Gagan Gupta said the investment reflects growing confidence in the company’s technology-driven approach to transforming mobility in Africa.
“Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved beyond the proof-of-concept phase. Partnering with NewTrails Capital’s experienced team marks a powerful new chapter as we prepare for the next stage of our pan-African and international expansion,” Gupta said.
Yufan Zhang, Founding Partner at NewTrails Capital, said the fund sees Spiro as a key player in Africa’s energy transition, with the potential to develop infrastructure-scale solutions that create commercial, social and environmental value.
He highlighted Spiro’s strengths, including its localized operating model, vertically integrated supply chain, digital ecosystem, sustainable business model and ability to scale rapidly.
Zhang added that Spiro’s integration of electric vehicles, batteries, energy replenishment systems, digital payments and service networks provides solutions designed to address Africa’s unique mobility and energy challenges.
The partnership will also support Spiro’s manufacturing growth and supply chain localisation efforts on the continent, particularly through collaboration with Chinese suppliers.
Spiro said the new funding will enable the company to expand clean mobility solutions, strengthen local manufacturing capabilities and advance Africa’s shift towards sustainable energy systems.
