Rear wheel of a Spiro e-bike. Image Source: TechCabal Spiro, the electric mobility company with an operational hub in Kenya, has raised $50 million in debt financing, taking a leaf from the playbook of asset-heavy businesses with logistics operations. Flush with capital, including its $100 million raise in October 2025, the company plans to expand across the continent. Since 2020, Spiro has announced several fundraises totalling $330 million in debt and equity financing. For the kind of business the e-mobility startup runs, Spiro deploys debt for operational expenses tied to predictable, revenue-linked assets, such as warehousing and dealership lots, allowing it to pay back loans when there’s a break-even. Equity capital allows the company to absorb marginal losses on its production cap...