en.Wedoany.com Reported - African electric mobility company Spiro has recently secured $55 million in new funding from Chinese early-stage investment firm NewTrails Capital. About three weeks ago, the company had obtained $215 million from Impact Fund Denmark and Equitane to expand into the Democratic Republic of the Congo (DRC) and Ethiopia. This round is one of the largest fundraisings in the African electric mobility sector, bringing Spiro's publicly disclosed cumulative total funding to $557 million.
According to Gagan Gupta, founder of Spiro and chairman of Equitane, the company currently operates in seven markets—Kenya, Rwanda, Uganda, Nigeria, Togo, Benin, and Cameroon—having deployed over 100,000 electric two-wheelers and 2,500 smart battery swap stations, with its business having effectively moved beyond the proof-of-concept stage. He stated that the partnership with the NewTrails Capital team opens a new chapter for Spiro's next phase of expansion across Pan-Africa and internationally.
Yufan Zhang, founding partner of NewTrails Capital, noted that the company is driving a profound energy revolution in Africa's mobility landscape. He commented that this is not only a vast and highly imaginative market opportunity but also has the potential to grow into a type of infrastructure business, creating multiple values in commercial, social, and environmental dimensions.
Zhang believes that Spiro's core strengths lie in its deep local operational capabilities, vertically integrated supply chain, digital ecosystem, robust unit economics, and ability to scale rapidly. He stated that the company has systematically integrated vehicles, batteries, energy replenishment, payments, and service networks into a solution tailored to African users' needs, effectively addressing long-standing structural pain points in the local market. As a fund focused on Africa's energy transition and green technologies, NewTrails Capital is encouraged by the increasingly important role of Chinese supply chains and financing in this process.
Zhang added that NewTrails Capital looks forward to continuing its role as a long-term investor, contributing resources and expertise to grow alongside Spiro and accelerate Africa's new energy transition. This collaboration will also support Spiro's ongoing efforts in local manufacturing and supply chain localization, which are being advanced in partnership with Chinese suppliers.
Spiro was originally founded in 2019 under the name M Auto Electric by Dubai-based Equitane Group and rebranded to its current name in 2022. In addition to the seven markets where it already operates, the company plans to further enter the Democratic Republic of the Congo (DRC) and Ethiopia.
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