The Africa Go Green Fund, a climate-focused debt fund, has increased its financing commitment to Spiro, an African electric mobility company, by $18 million. This brings the fund’s total commitment to $36 million.
The new capital extends a loan arrangement that was finalized in December 2025, in which the fund pledged $18 million while Nithio contributed $7 million. Moreover, the fund served as the lead for structuring that initial deal.
By September 2026, Spiro had placed in service more than 135,000 electric bikes and logged over 50 million battery-swap events throughout its operating regions. The fresh funding will help roll out additional motorcycles and broaden the battery-swap network in Uganda and Rwanda.
In Kenya and Rwanda, Spiro introduced large-scale battery-swap hubs to fortify its power grid. The purpose of these facilities is to enhance riders’ experience by providing smoother, more dependable and convenient access to fully charged batteries.
With the new capital, Spiro can expand its user base and boost the use of the current battery-swap stations. As more units are deployed, the company’s ongoing swap model offers a scalable solution for low-carbon mobility and lessens riders’ reliance on traditional fuel expenses.
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The company’s unified electric-mobility system pairs electric bikes with an extensive battery-swap network. By doing so, it lowers initial purchase costs and eases operational hurdles for EV adoption, granting riders easy entry to charged packs via an expanding array of swap points.
Laurène Aigrain, Managing Director of Africa Go Green Fund, said: “Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential.”
Gagan Gupta, Founder of Spiro, noted that the fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. Anant Badjatya, Group CEO of Spiro, added that the additional financing will enable the company to accelerate execution in Uganda and Rwanda.
This capital infusion matches Africa Go Green Fund’s purpose of backing enterprises and initiatives that cut greenhouse-gas emissions throughout the continent, such as clean-transport projects. The fund offers loan financing to profit-making companies that deliver climate benefits while pursuing sustainable expansion.
