African electric motorcycle and battery-swapping company Spiro has secured an additional $55 million equity investment from Chinese early-stage investor NewTrails Capital, just three weeks after announcing a record $215 million equity raise.
The fresh capital pushes the total size of the funding round announced earlier in June 2026 to $270 million. Spiro's total disclosed funding now stands at approximately $557 million, placing it among the most heavily funded electric mobility companies on the continent.
A Rapid Funding Milestone
The $215 million raise announced earlier in June was already described as one of the largest funding rounds in Africa's electric mobility sector. The addition of NewTrails Capital's $55 million commitment came less than a month later, underlining sustained investor appetite for Spiro's battery-swapping model.
The announcement on Monday also followed Spiro's appointment, less than two weeks prior, of Anant Badjatya as group CEO. Badjatya previously served as chief executive of Indofast Energy, where he oversaw a battery-swapping network of more than 1,800 stations in India — one of the world's most developed markets for that technology.
Expansion Plans Across African Markets
Spiro, which was founded in 2022 by Gagan Gupta, said it will deploy the fresh capital to expand its battery-swapping network, manufacturing operations, and energy infrastructure. The company currently operates in Kenya, Uganda, Rwanda, and Nigeria, among other markets.
To date, Spiro says it has deployed more than 100,000 electric vehicles and built over 2,500 battery-swapping stations across seven countries. In October 2025, the company disclosed that 30% of the value of its motorcycles is now produced locally.
"Partnering with NewTrail Capital's deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion," — Gagan Gupta, Founder and Chairman, Spiro.
Chinese Investment Ties Deepen
The NewTrails Capital deal further deepens Spiro's existing relationships with Chinese investors and suppliers. The company has previously sourced batteries from Chinese manufacturers, including a $11.6 million supply agreement with CBAK Energy Technology.
NewTrails Capital, for its part, described Spiro as an "infrastructure-like business" and framed its battery-swapping network as a critical component of the broader energy transition underway across African markets.
"Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa's new energy transition," — Yufan Zhang, Founding Partner, NewTrails Capital.
A Growing Investor Base
Spiro has attracted a wide range of institutional backers over its short history. Previous investors include Impact Fund Denmark, Equitane, FEDA, Nithio, Afreximbank, and the Africa Go Green Fund.
The company's rapid fundraising trajectory signals growing institutional confidence in African electric mobility, even as many startups across the continent navigate tighter capital conditions. For context on the wider shift in African tech and investment news, Spiro's round stands out as a signal of sector-specific momentum.