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- Spironet
Spironet Valuation, Funding & Investors
Spironet is valued at $900M as of May 2026.
Last Spironet valuation
$900M
Undisclosed stage · May 2026
Last Spironet funding round
$55M
Undisclosed stage · Jun 2026
Cumulative funding Spironet raised
$390M
across 4 funding rounds
Key investors in Spironet
Equitane
The Fund for Export Development in Africa
Impact Fund Denmark
NewTrails Capital
Africa Transformation and Industrialisation Fund
About Spironet
Spironet is a Nairobi-based electric mobility company delivering customized e-bikes and scooters tailored to African markets. The firm assembles vehicles in Kenya using lithium-ion batteries and IoT-enabled controllers for fleet management in logistics, delivery, and public transport. Spironet partners with ride-hailing operators and governments in East Africa to deploy solar-charging stations, reducing urban emissions and operational costs compared to petrol alternatives.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Product sales
Valuation
$900M (May 2026)
Spironet Valuation
Spironet is currently valued at $900M, based on its undisclosed-stage round in May 2026.
The $215M round included Equitane and Impact Fund Denmark.
Spironet's valuation has grown 2.6x from $350M at its undisclosed-stage round in October 2025 to $900M in May 2026, across 2 priced rounds.
Spironet valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2026 | Undisclosed stage | $900M |
| Oct 2025 | Undisclosed stage | $350M |
Spironet Funding History
Spironet has raised a total of $390M across 4 funding rounds.
Spironet's first fundraising round was a $20M undisclosed-stage round in May 2022. The most recent completed round was a $55M undisclosed-stage round in June 2026.
Spironet funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Undisclosed stage | NewTrails Capital (lead) | $55M | - | Electric mobility company SPIRO completed its latest funding round at $270 million following a $55 million investment from Chinese growth-stage fund NewTrails Capital, announced on June 22, 2026 in Dubai, UAE. The $55 million infusion from NewTrails Capital, a prominent Chinese fund focusing on emerging markets with strategic locations in Shanghai, Shenzhen, and Nigeria, consolidates backing from a powerful consortium of global institutional and impact investors. SPIRO, Africa’s leading electric vehicle (EV) and clean energy infrastructure platform, aligns its growth with global corridors like the Belt and Road initiative, leveraging global supply chains to drive green technology and energy transitions across Africa, the Middle East, Southeast Asia, and Latin America. The round draws capital from Europe and Africa, including long-standing partners such as FEDA, Impact Fund Denmark, Equitane, Nithio, and the Africa Go Green Fund, building on prior support from institutional investors. SPIRO operates as a leading EV and clean energy infrastructure platform in Africa, focusing on e-mobility solutions and ridership savings, with testimonials highlighting annual rider savings of up to 1.2 million Naira. |
| May 2026 | Undisclosed stage | Equitane; Impact Fund Denmark | $215M | $900M | Spiro raised USD 215 million in fresh equity capital in June 2026 to accelerate the expansion of its electric mobility and energy infrastructure platform across Africa. The round was reported by industry coverage as a new equity funding event, but the specific lead investor, full structure, and post-money valuation were not provided in the available results. The financing is intended to support Spiro’s scale-up in battery swapping, manufacturing, and market expansion across the continent, building on earlier funding rounds that included backing from Equitane Group and Société Générale. Prior reporting also described a USD 100 million round in October 2025 led by FEDA, with proceeds earmarked for swap-network growth, manufacturing capacity, and R&D, including pilots in Cameroon and Tanzania. Spiro was founded in 2022 and is headquartered in Dubai. The company focuses on electric motorbike mobility and associated battery-swapping infrastructure in African markets, and prior reporting said it had already received more than USD 180 million in combined debt and equity before the 2025 raise. |
| Oct 2025 | Undisclosed stage | The Fund for Export Development in Africa (lead) | $100M | $350M | Spiro, a Dubai-headquartered electric mobility company focused on two-wheel battery swapping and electric motorbikes in Africa. Spiro raised $100 million on October 21, 2025, led by The Fund for Export Development in Africa (FEDA) with $75 million, plus other strategic investors, marking Africa's largest-ever EV mobility investment. This follows over $180 million in prior funding from Equitane Group and Société Générale, bringing total capital to around $280 million. Funds will expand battery-swapping infrastructure, manufacturing, R&D, and pilots in markets like Cameroon and Tanzania, targeting over 100,000 deployed electric bikes by end-2025, a 400% year-over-year increase from prior levels around 25,000 bikes. Spiro operates in six countries including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with over 60,000 electric bikes and 1,500 swap stations as of the announcement. It positions itself against gasoline bikes rather than other EV startups like Ampersand, ROAM, or BasiGo, emphasizing affordable mobility, job creation, emissions reduction, and renewable energy integration. CEO Kaushik Burman, formerly of Gogoro, highlights scalability since rapid growth from 8,000 bikes two years prior. FEDA CEO Marlene Ngoyi praised Spiro's commercially viable and impactful model amid strong market adoption for sustainable transport. The investment underscores investor confidence in Africa's e-mobility shift from imported fossil-fuel motorcycles to local electric fleets, with Spiro aiming to dominate via integrated battery swapping. |
| May 2022 | Undisclosed stage | Africa Transformation and Industrialisation Fund (lead) | $20M | - | Africa Transformation and Industrialisation Fund invested $20M in Spiro in an unattributed VC round on May 24, 2022. Spiro has since raised additional rounds, including $50M participated by Afreximbank, Nithio, and Africa Go Green Fund, deploying over 80,000 electric motorcycles and 2,500 battery swapping stations with 30 million swaps completed. In October 2025, Spiro secured $100M equity led by $75M from FEDA (Afreximbank's arm), expecting to surpass 100,000 vehicles, bringing total funding over $280M. |
Who has invested in Spironet?
5 investors have backed Spironet across its funding rounds, including Equitane, The Fund for Export Development in Africa, Impact Fund Denmark, NewTrails Capital and Africa Transformation and Industrialisation Fund.
Lead investors include NewTrails Capital, The Fund for Export Development in Africa and Africa Transformation and Industrialisation Fund.
Spironet Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Oct 2025 | ||
| 1 | Lead | May 2022 | ||
| 1 | Lead | Jun 2026 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Spironet
Spironet has acquired 1 company to date.
Last acquisition by Spironet was on May 26th 2026. Spironet acquired Coexlion for undisclosed valuation.
Latest Acquisitions by Spironet
| Description | Coexlion is an international engineering consultancy specializing in 2-wheelers and electric vehicles. The firm supports global clients through the product development cycle from early benchmarking to mass industrialisation. |
| HQ Country | |
| HQ City | Leicester |
| Deal Date | 26 May 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Spironet acquisitions and their M&A valuation multiples. Start Free Trial | |
Spironet Competitors
Spironet competitors include listed companies like Phoenix Bicycle, Aima Technology Group, LiveWire and Ninebot, and private ones like Also and Tenways.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | $329M | $1B | - | ||
| Publicly listed | $322M | $30M | $594M | - | ||
| Private | - | - | $353M | - | ||
| Publicly listed | $3.7B | $422M | $2.8B | 0.6x | ||
| Publicly listed | $26M | ($66M) | $292M | 12.3x | ||
| Publicly listed | $3.2B | $335M | $4.1B | 0.7x |
Spironet Public Comps
Spironet is still privately-owned, but its public comps include Voyah, ADS-TEC Energy, Youon Technology, Piaggio, Eve Air Mobility, Bajaj Mobility, Uniconn, Kempower, Lotus Technology and Phoenix Bicycle.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5.2B | $562M | 0.1x | 0.1x | 0.7x | 1.3x | |||
| $36M | ($3M) | 23.2x | 26.7x | (278.0x) | - | |||
| $61M | ($17M) | 6.2x | - | (22.7x) | - | |||
| $1.7B | $284M | 0.8x | 0.7x | 4.7x | 4.5x | |||
| - | ($212M) | - | - | (3.0x) | (2.8x) | |||
| $1.2B | $1B | 1.8x | - | 2.0x | - | |||
| $768M | $73M | 1.3x | 1.1x | 13.9x | - | |||
| $289M | $690K | 2.2x | 1.9x | 917.9x | 59.5x | |||
This data is available for Pro users. Sign up to see all Spironet competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Spironet
| When was Spironet founded? | Spironet was founded in 2019. |
| Where is Spironet headquartered? | Spironet is headquartered in Cotonou, Benin. |
| Is Spironet publicly listed? | No, Spironet is a private, VC-backed company. |
| What is Spironet's valuation? | Spironet was last valued at $900M in its undisclosed-stage round in May 2026. |
| How much funding has Spironet raised? | Spironet has raised $390M across 4 funding rounds. |
| What was Spironet's last funding round? | Spironet's last funding round was a $55M undisclosed-stage round in June 2026, led by NewTrails Capital. |
| Who are Spironet's investors? | Spironet's investors include The Fund for Export Development in Africa, Africa Transformation and Industrialisation Fund, NewTrails Capital, Equitane and Impact Fund Denmark. |
| Which companies are comparable to Spironet? | Companies comparable to Spironet include Also, Phoenix Bicycle, Tenways, Aima Technology Group, LiveWire and Ninebot. |
| How many companies has Spironet acquired? | Spironet has acquired 1 company, including Coexlion. |
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