Less than a year after having put $18 million behind Spiro, the Africa Go Green Fund is now making a further investment of $18 million, bringing its total commitment to the African electric m
Less than a year after having put $18 million behind Spiro, the Africa Go Green Fund is now making a further investment of $18 million, bringing its total commitment to the African electric mobility company up to $36 million.
This move is a clear indication from a fund which, being focused on climate issues, only gives money twice if the first investment has clearly proven to be successful.
AGG, managed by Cygnum Capital, built on the debt facility it closed with the mobility company in December 2025, committing $18 million alongside a further $7 million from Nithio. This new round adds directly onto that existing facility rather than starting a fresh one.
Gagan Gupta, Spiro’s founder and chairman of Equitane
The new capital is being designated for one particular purpose, which is to increase the number of electric motorcycles on the roads and to extend the battery-swapping infrastructure in Uganda and Rwanda. Since this month, Spiro has carried out over 135,000 deliveries of electric motorcycles and completed more than 50 million battery swaps in its various markets, figures which have risen rapidly since the company’s most recent major funding event.
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Why AGG came back for round two with SpiroLaurène Aigrain, Managing Director of Africa Go Green Fund, was direct about why the fund chose to go deeper rather than diversify elsewhere.
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential,” she said, describing Spiro’s ability to cut emissions and cut costs for riders at the same time as tackling “two critical challenges at once.”
Spiro founder Gagan Gupta called the doubled commitment “a powerful vote of confidence,” while Group CEO Anant Badjatya said the money will go straight into execution.
“In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day,” he said, adding that building network density remains the company’s clearest priority.
Also read: Spiro inks electric motorcycle supply deal with Chinese EV maker
To support that density, the mobility company has already launched mega battery-swap stations in Kenya and Rwanda, designed to make charged batteries easier and faster to access.
The timing matters. This deal lands weeks after Spiro raised $215 million in equity and signed a major supply partnership with Chinese EV giant Yadea, a sign that capital, both debt and equity, keeps flowing toward the mobility company’s model at a pace few African mobility startups have matched this year.
