The Next Wave: Why $215 million went to Spiro

Spiro's $215 million equity raise, led by Impact Fund Denmark and Equitane, is the largest ever for an African two-wheeled EV company and brings total funding to over $500 million. The round reflects a shift in investor focus from vehicle engineering to infrastructure ownership. Commercial boda boda riders in Kenya and Uganda earn $10 to $15 daily, with fuel consuming 40% to 60% of income. Spiro's approach targets that economics problem rather than selling motorcycles directly.