Spiro, Africa’s leading battery-swapping electric motorcycle provider, has raised $100 million in funding led by the Fund for Export Development in Africa, bringing its total capital to over $280 million.

The investment will expand battery infrastructure, integrate renewable energy, and boost local manufacturing in countries including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo.

Currently operating over 60,000 vehicles, Spiro plans to deploy more than 100,000 by the end of 2025, with Nigerian musician Davido partnering to promote adoption via a custom electric bike line.

Davido in an appreciative mood had posted on X:“In this new phase of my career, these are the celebrations I value.

“Africa is moving… and we’re driving the change.

“Proud to celebrate this major milestone with my partners and family at @SpiroAfrica — $100 million raised and now officially on the road to a $1 billion valuation! 🙏🏾💰

“When I joined the movement and became a stakeholder in Spiro, I knew it was bigger than bikes. It’s about innovation, clean energy, and building opportunities that move Africa forward. 🇳🇬🇷🇼🇧🇯🇰🇪

“This stage of my journey is about growth — learning, structuring, and building with intention. I’m grateful to be part of projects that create real impact and prove that African talent and business can stand strong on the global stage.

“But at the heart of it all, this whole business is for the hustlers — the okada drivers, the delivery riders, and everyone grinding in the real on-ground economy. They are the heartbeat of this movement. ❤️

“From Lagos to Kigali, from Cotonou to Nairobi, we’re shaping a future that’s sustainable, profitable, and proudly African.

“Can’t wait until you see our product roll-out this December. 💥🔥

“Congrats my brother @real_gagan_gupta— w