Spiro funding nears $1B valuation with $55m NewTrails

Spiro funding is set to rise after Chinese investor NewTrails Capital agreed to invest $55 million, pushing the electric mobility company’s valuation close to $1 billion.

The injection brings Spiro’s latest fundraising total to $270 million, according to founder Gagan Gupta. The valuation milestone positions the company just short of “unicorn” territory, typically defined as a $1 billion privately held startup.

NewTrails adds $55 million as round reaches $270 million

Gupta said the NewTrails commitment increases the size of the current round to $270 million and materially raises the company’s implied value. Details such as the investment structure and closing timeline were not disclosed in the information provided.

NewTrails Capital described the deal as a bet on a large and expanding market, as well as on a business model that can resemble core infrastructure. Founding partner Yufan Zhang said the firm sees commercial potential alongside social and environmental gains.

The transaction also deepens NewTrails’ exposure to Africa, where technology adoption has accelerated across daily services. Startups tied to transport and financial services have been among the most visible beneficiaries of that shift.

Expansion plan targets new countries for bike and swap network

Spiro operates an electric motorbike fleet and battery-swapping network that the company says currently spans seven active African countries. Gupta said the platform includes about 100,000 electric motorbikes and roughly 2,500 battery-swapping stations.

The company plans to extend that footprint into additional markets, including Malawi, Mali, and Ethiopia, Gupta said. Battery swapping is a central part of Spiro’s approach, designed to reduce downtime compared with plug-in charging and support high-frequency commercial use.

Electric two-wheelers are increasingly viewed as a practical decarbonization lever in dense cities where motorcycles play a major role in commuter and delivery transport. However, scaling such systems typically requires significant capital for vehicles, station buildouts, and battery inventory.

Backers include Impact Fund Denmark and regional development capital

Spiro has previously raised capital from Impact Fund Denmark, Equitane, and the Fund for Export Development in Africa. Those investors reflect a blend of impact-oriented and development-linked finance that has helped fund mobility and energy-access projects on the continent.

The latest investment highlights how international capital is competing for exposure to African growth themes tied to urbanization and a young demographic profile. In many countries, a rising number of consumers use mobile technology for transportation services, digital payments, and entertainment, creating demand for modern infrastructure that can support these shifts.

For Spiro, approaching a near-$1 billion valuation may improve its ability to attract additional funding partners and negotiate fleet and infrastructure expansion. For the broader sector, the deal signals continued investor interest in electric mobility models that combine hardware deployment with recurring service revenue.

Next steps to watch include whether Spiro confirms rollout timelines in Malawi, Mali, and Ethiopia, and how quickly it can expand its station density and vehicle count while maintaining reliable battery availability. Further disclosures on financing terms and any additional investors in the round would also clarify the company’s path toward a formal unicorn valuation.