Spiro Secures $100M for Africa E-Mobility Expansion

African alternative asset manager ENKO Capital has raised $100 million towards its $150 million target for a private credit fund aimed at mid-market companies across Sub-Saharan Africa, supported by investors including British International Investment and IFC. Meanwhile, Spiro, a Dubai-based electric mobility firm, secured $100 million—Africa's largest-ever investment in two-wheel e-mobility—with $75 million from Afreximbank's Fund for Export Development in Africa. Spiro plans to expand its electric motorcycle production and battery-swapping infrastructure across multiple African countries, targeting over 100,000 deployed vehicles by the end of 2025 and emphasizing affordability, reduced operating costs, and local manufacturing. The company operates 1,200 battery-swapping stations in six countries, aiming to increase to 3,500 stations soon, and highlights the benefits of electric bikes for riders reliant on motorcycles for daily income, such as boda boda drivers. This funding round reflects growing investor confidence in Africa's sustainable development sectors, particularly in renewable energy and clean urban transport, addressing infrastructure challenges and promoting economic growth. These developments signal significant momentum in financing and expanding critical industries that underpin Africa's economic transformation and green transition.