- Spiro is currently in discussions for a new funding round with several private equity funds, where it plans to raise about $250 million to fund its growth.
- Spiro is now expanding to East Africa, starting with Rwanda and Uganda.
Spiro, the largest EV platform in Africa, now has over 6,000 electric motorcycles and scooters and more than 30,000 projected for the end of 2023. Spiro says the plan is to be the largest energy provider for the transport sector, leading and powering the electrification of the transport sector in Africa by 2025. Originally called M-Auto, Spiro started operations in Benin and Togo, West Africa, in May 2022. Spiro is now expanding to East Africa, beginning with Rwanda and Uganda. Spiro is looking to have operations in at least seven countries by the end of 2023.
To provide an efficient energy service that lowers the barriers to adoption for operators in the motorcycle taxi industry, Spiro has incorporated a model that has been successfully employed in other markets. In this model, Spiro retains ownership of the motorcycle batteries. Then he bundles energy services as part of an all-inclusive package for riders to enjoy a seamless transition from ICE motorcycles to the new Spiro electric motorcycles.
Spiro points out that the battery-swapping model is ideal for most African markets. It ensures the safe operation of batteries and optimized charging experience in a more controlled/monitored environment at their charging hubs instead of charging in apartments and homes of motorcycle taxi riders. Spiro has two sizes of battery packs, one with 3.4 kWh capacity and the other smaller one with 2 kWh. Spiro’s motorcycle can accommodate one big battery or two small batteries. Spiro has 200 swap stations in Benin and 125 in Togo and has already secured 30 swap stations in Kigali, Rwanda. Spiro raised $60 million to fund these operations from its main shareholder, the Africa Transformation and Industrialisation Fund (ATIF), based in Abu Dhabi. Spiro is currently in discussions for a new funding round with several private equity funds, where it plans to raise about $250 million to fund its growth.