Take Charge

Spiro seeks up to $150m for African electric motorbike expansion

By David Whitehouse

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Posted on April 20, 2023 04:00

 © Spiro (Photo supplied.)
Spiro (Photo supplied.)

Electric mobility provider Spiro is seeking to raise between $100m and $150m to fund expansion into new African countries, CEO Shegun Bakari tells The Africa Report.

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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