The company wants to raise most of the funding in equity and convertibles, Bakari says. Spiro is in “advanced talks” with “two or three” large investors, and aims to conclude the fundraising by the end of the year.
Spiro, previously called Mauto Electric Mobility, already has $50m in funding from the African Fund for Transformation and Industrialization (ATIF). The company currently operates in Benin, Togo and Rwanda, where it has 4,500 electric motorcycles on the road. It recently entered Uganda, where it has partnered with the government to provide 140,000 electric motorcycles.
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