Spiro closes $270 million round with new $55 million backing from NewTrails Capital

By our staff reporter

African electric mobility platform Spiro has closed its latest funding round at $270 million after securing a fresh $55 million investment from Chinese growth-stage fund NewTrails Capital. The company said the new capital will support expansion of its battery-swapping network, manufacturing footprint and electric vehicle infrastructure across high-growth African markets.

Spiro said the latest raise reinforces growing international investor confidence in scalable EV and clean energy infrastructure platforms as African economies push to reduce fuel imports, strengthen energy security and modernize urban transport systems. The company is already operating in seven of Africa’s fastest-growing urban markets.

The financing round also includes support from existing institutional and impact investors such as FEDA, Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund, Spiro said. The company described the closing as a major milestone in its push to scale across the continent.

Founder and Chairman of Equitane Gagan Gupta said the company has already deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, adding that the business has moved beyond the proof-of-concept stage. He said the partnership with NewTrails Capital marks a new chapter for Spiro as it prepares for further expansion in Africa and beyond.

NewTrails Capital Founding Partner Yufan Zhang said Spiro is helping drive what he called an energy revolution in African mobility. He said the company’s strengths include its localized operating model, vertically integrated supply chain, digitally enabled ecosystem and ability to scale quickly.

Zhang also said Spiro has built a system that integrates vehicles, batteries, energy replenishment, payments and service networks in a way that addresses long-standing structural gaps in African transport markets. He added that NewTrails sees the investment as a long-term bet on Africa’s energy transition and green technology sector.

Spiro said the new funding will also help advance its localization strategy, including manufacturing and supply-chain development on the continent, particularly through Chinese suppliers.

The company’s latest fundraising underscores a broader trend of global capital moving into Africa’s clean transport and energy systems, especially as governments and private operators seek alternatives to imported fuel and high-emission mobility.