African electric mobility platform Spiro has secured an additional $55 million investment from Chinese growth-stage investor NewTrails Capital, bringing the company’s latest funding round to a total of $270 million and strengthening its position as one of Africa’s most heavily funded e-mobility and energy infrastructure companies.
The fresh capital comes as African countries intensify efforts to reduce reliance on imported fuel, modernize urban transportation systems, and expand clean energy infrastructure. Spiro said the investment will support the rapid expansion of its battery-swapping network, electric vehicle ecosystem, and localized manufacturing capabilities across the continent.
Founded as a clean mobility and energy platform focused on African markets, Spiro currently operates in seven fast-growing urban markets across the continent. The company says it has already deployed more than 100,000 electric vehicles and 2,500 smart battery-swapping stations, signaling its transition from pilot-stage operations to large-scale commercial deployment.
The latest funding round attracted backing from a broad coalition of global institutional and impact investors, including FEDA, Impact Fund Denmark, Equitane, Nithio, and the Africa Go Green Fund.
Gagan Gupta, Founder of Spiro and Chairman of Equitane, described the partnership with NewTrails Capital as a major milestone in the company’s expansion strategy.
“Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase,” Gupta said. “Partnering with NewTrails Capital marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion.”
NewTrails Capital, which has strategic operations in Shanghai, Shenzhen, and Nigeria, said it views Spiro as a key player in Africa’s emerging energy transition.
Yufan Zhang, Founding Partner of NewTrails Capital, said the company’s integrated model — combining vehicles, batteries, charging infrastructure, digital payments, and service networks — is uniquely designed for African market conditions.
“We believe Spiro is driving a profound energy revolution across mobility use cases in Africa,” Zhang said. “Spiro has systematically integrated vehicles, batteries, energy replenishment, payments, and service networks into a solution tailored to African users.”
The partnership is also expected to deepen cooperation between African manufacturing initiatives and Chinese supply chains, supporting Spiro’s ongoing localization and industrial expansion efforts across the continent.
