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What happened
Spiro, an electric mobility startup based in Dubai, has successfully raised $100 million, the largest investment in Africa's electric vehicle sector to date. This funding, led by The Fund for Export Development in Africa (FEDA), will support Spiro's ambitious plan to deploy over 100,000 electric bikes across six African countries by the end of 2025. The company has already seen significant growth, increasing its fleet from 8,000 to over 60,000 bikes in just two years. Spiro's business model focuses on battery swapping, which allows riders to save on fuel costs and reduce downtime. The investment will also enhance Spiro's manufacturing capabilities and expand its battery-swapping network, addressing the high demand for affordable transportation in Africa. With plans to increase local sourcing and establish new assembly facilities, Spiro aims to create jobs and stimulate economic growth in the regions it serves.
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Key insights
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Largest EV investment in Africa
Spiro's $100 million funding round sets a new record for electric mobility investments on the continent.
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Rapid growth in deployment
The company plans to increase its electric bike fleet to over 100,000 by 2025, marking a significant expansion.
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Cost-effective transportation
Spiro's electric bikes offer a cheaper alternative to gasoline models, saving riders money on fuel and maintenance.
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Job creation through local assembly
The establishment of manufacturing facilities across Africa will create jobs and boost local economies.
Takeaways
Spiro's significant investment and growth strategy position it as a leader in Africa's electric mobility sector, addressing both transportation needs and economic challenges in the region.