Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to African electric mobility company Spiro by $18 million, taking its total commitment to the company to $36 million.
The additional financing builds on a debt facility closed in December 2025, under which AGG committed $18 million and Nithio committed $7 million. AGG also served as the investment structuring lead for the original transaction.
As of September 2026, Spiro has deployed more than 135,000 electric motorcycles and completed over 50 million battery swaps across its markets. The additional financing will support the deployment of more electric motorcycles and expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.
As part of its network expansion, Spiro has launched mega battery-swap stations in Kenya and Rwanda. The stations are designed to provide riders with more seamless and reliable access to charged batteries while supporting the company’s growing electric motorcycle fleet.
The additional financing will enable Spiro to increase motorcycle deployments, expand its customer base and improve utilisation of its existing battery and swap-station infrastructure. The company operates an integrated electric mobility platform combining electric motorcycles with a large-scale battery-swapping network.
Spiro’s model is designed to reduce upfront and operational barriers to electric motorcycle adoption by providing riders with access to charged batteries through its expanding swap-station network. The company said its recurring battery-swapping model can support scalable lower-carbon transport while reducing riders’ exposure to conventional fuel costs.
Laurène Aigrain, Managing Director of Africa Go Green Fund, said the decision to increase the investment reflects Spiro’s progress since AGG’s initial investment and its continued confidence in the company’s growth. She added that the fund would support Spiro’s expansion of electric mobility solutions in Uganda and Rwanda.
Gagan Gupta, Founder of Spiro, said the increased commitment from AGG demonstrates confidence in the company’s progress and the long-term potential of electric mobility across Africa.
Anant Badjatya, Group CEO of Spiro, said the additional financing would accelerate the company’s expansion in Uganda and Rwanda, including the deployment of more electric motorcycles and battery-swapping infrastructure.
The investment aligns with AGG’s mandate to finance commercially viable businesses and projects across Africa that contribute to greenhouse gas emissions reductions, including through clean transportation.
