Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to Spiro by $18 million, bringing its total support for the African electric mobility company to $36 million.
The additional capital builds directly on a debt facility closed in December 2025, under which AGG originally committed $18 million alongside $7 million from Nithio. AGG acted as the investment structuring lead on the earlier transaction.
Spiro will use the new funds to deploy more electric motorcycles and expand its battery-swapping infrastructure in Uganda and Rwanda. The company has already launched mega battery-swap stations in Kenya and Rwanda to improve access for riders.
As of September 2026, Spiro reports deploying more than 135,000 electric motorcycles and completing over 50 million battery swaps across its markets. The battery-swapping model allows riders to exchange depleted batteries for charged ones rather than waiting for lengthy charging times, a practical approach suited to many African transport markets.
Gagan Gupta, founder of Spiro, described the doubled commitment as “a powerful vote of confidence” in the company’s progress and the long-term potential of electric mobility across Africa. Group CEO Anant Badjatya said the financing will accelerate execution in Uganda and Rwanda by increasing network density and making the switch to electric more practical for riders.
AGG’s decision to expand its exposure less than a year after the initial facility signals continued confidence in Spiro’s operating model and growth trajectory. The company has raised substantial capital in recent years for both equity and debt as it builds out manufacturing, vehicle deployment and charging infrastructure across multiple African countries.
The latest facility underscores the role of specialised climate debt funds in supporting the capital-intensive build-out of clean transport networks on the continent.
