Africa Go Green Fund Doubles Spiro Commitment to $36 Million to Scale East African E-Mobility

NAIROBI — The Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to African electric mobility leader Spiro by $18 million, doubling AGG’s total capital backing to $36 million.

The follow-on commitment builds upon a debt facility originally closed in December 2025, which included $18 million from AGG and $7 million from Nithio, with AGG serving as the investment structuring lead.

Scaling Infrastructure in Uganda and Rwanda

Operating across seven African markets, Spiro has surpassed 135,000 deployed electric motorcycles and completed over 50 million battery swaps. The fresh capital will be directed toward expanding the company's footprint and network density in East Africa.

• Target Markets: Capital will accelerate the rollout of electric motorcycles and advanced battery-swapping infrastructure specifically across Uganda and Rwanda.
• Ecosystem Upgrades: Funds support the scaling of high-capacity mega battery-swap stations in key hubs like Kenya and Rwanda, designed to streamline rider access and increase asset utilization.
• Environmental & Economic Impact: By replacing fossil-fuel transport with a recurring subscription and swapping model, the platform lowers operational barriers for commercial riders while eliminating millions of tons of transport emissions.

"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," said Laurène Aigrain, Managing Director of the Africa Go Green Fund. "Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move."

Group CEO Anant Badjatya noted that the injection will strengthen network reliability and make the transition to electric transport increasingly compelling for everyday operators. Founded by Gagan Gupta, Spiro continues to expand its localized manufacturing and assembly footprint across Uganda, Kenya, Nigeria, and Rwanda.

Cygnum Capital - With an additional $18 Million, Africa Go Green Fund renews its confidence in Spiro and doubles down its financing commitment.

Less than a year after its initial support, Africa Go Green Fund (“AGG”), managed by Cygnum Capital, doubles its financing commitment to Spiro to $36 million. The doubling of this financing builds on Spiro’s existing debt facility, under which AGG previously committed $18 million and Nithio $7 million. The funding will support the continued deployment of electric motorcycles and expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda. To date Spiro has deployed more than 135,000 electric motorcycles across Africa and complete over 50 million battery swaps across the seven active countries.

With an additional $18 Million, Africa Go Green Fund renews its confidence in Spiro and doubles down its financing commitment.

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