African EV firm Spiro raises $215 million for expansion

Key facts

• Spiro raised $215 million in equity financing.
• Funds will support expansion of battery-swapping and EV infrastructure.
• Expansion will occur across seven African markets.
• Spiro is nearing unicorn status with a valuation close to $1 billion.

Spiro's funding round highlights growing investment in Africa's electric vehicle sector, particularly in battery-swapping technology which addresses range anxiety and charging time concerns. This expansion could accelerate the adoption of electric mobility on the continent.