Spiro lands $18M more from Africa Go Green Fund, doubling debt to $36M
What's the deal? Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum CapitalDealroom has a profile for this one. Try Dealroom →, has increased its debt financing to electric mobility company Spiro by $18 million, taking its total commitment to $36 million.
Why now? The additional financing builds on a debt facility closed in December 2025, under which AGG committed $18 million and Nithio committed $7 million. AGG also served as investment structuring lead on the original transaction.
What's the endgame? The money will fund more electric motorcycle deployments and expand Spiro's battery-swapping infrastructure in Uganda and Rwanda. As part of that push, Spiro has launched mega battery-swap stations in Kenya and Rwanda.
Spiro runs an integrated platform pairing electric motorcycles with a large-scale battery-swapping network. As of September 2026, it has deployed more than 135,000 electric motorcycles and completed over 50 million battery swaps across its markets.
The model aims to lower the upfront and operating barriers to electric motorcycle adoption by giving riders access to charged batteries through its swap-station network. The company said its recurring model can support scalable lower-carbon transport while cutting riders' exposure to fuel costs.
What they're saying: Laurène Aigrain, managing director of Africa Go Green Fund, said the larger investment reflects Spiro's progress and AGG's "continued confidence" in the company. Anant Badjatya, group chief executive officer of Spiro, said the financing would accelerate expansion in Uganda and Rwanda.
The signal: The deal fits AGG's mandate to finance commercially viable African businesses that cut greenhouse gas emissions, including clean transport. Doubling down on Spiro signals growing lender appetite for East Africa's electric two-wheeler market as swap-station networks scale.
Read more: emobilityplus.com
