Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to electric mobility company Spiro by $18 million. This brings its total commitment to the company to $36 million.

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The additional financing builds on an $18 million debt facility closed in December 2025, alongside a $7 million commitment from Nithio. 

Spiro says it has deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across its markets as of September 2026.

The new financing will support the deployment of additional electric motorcycles and expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.

Spiro has also launched mega battery-swap stations in Kenya and Rwanda. These are designed to provide riders with more convenient and reliable access to charged batteries.

Laurène Aigrain, Managing Director of Africa Go Green Fund, said “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. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move.”

Spiro Founder Gagan Gupta said, “Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa.”

Group CEO Anant Badjatya added,  “This additional financing will enable us to accelerate execution in two important East African markets. 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.”

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