Participated · Debt Financing · Feb 2026

Founded in 2022, Spiro builds and operates dense networks of battery-swap stations for electric motorcycles and assembles vehicles in select markets. It also operates a battery recycling plant in Nigeria and has plans to expand into markets such as Ethiopia and the Democratic Republic of the Congo. The company reports deployments of more than 100,000 electric motorcycles and over 2,500 swap stations across seven African markets. Spiro combines vehicle financing, local manufacturing and energy infrastructure, including solar-powered swap stations and battery storage systems. Its recent $215 million equity raise, alongside prior raises of $100 million (led by Afreximbank’s FEDA) and $50 million in debt, positions the company to scale its network, manufacturing capacity and energy operations further. Spiro competes in a crowded African electric mobility market that includes players such as Ampersand, Roam and BasiGo.

Led · Equity · Dec 2023

BURN Manufacturing produces clean cookstoves, including electric and biomass models, aimed at replacing traditional cooking fuels. The company secured a $12 million investment to scale distribution of its appliances across multiple African countries over the next two years. Funds will support distribution and subsidize stove costs through carbon financing mechanisms. The initiative targets direct benefits to 1.5 million people and avoidance of over 12 million tons of carbon emissions. BURN frames the effort as addressing health, environmental, economic, and gender impacts of traditional cooking and continues its mission to bring clean cooking appliances to households across Africa, improving health and quality of life. BURN Manufacturing designs and distributes clean cookstoves and develops carbon‑offset projects. The company is described in reporting as a leading global clean cookstove manufacturer, distributor, and carbon‑offset project developer. Recent financing will support distribution of stoves to households in Mozambique, Nigeria, and the Democratic Republic of Congo. Africa Go Green Fund announced strategic financing of $10 million to BURN to fund this distribution. AGG is managed by Cygnum Capital Asset Management and invests in projects in Sub‑Saharan Africa that reduce greenhouse gas emissions. The financing ties BURN’s product distribution to carbon‑offset project development in those markets. BURN Manufacturing designs and manufactures biomass, electric, and LPG cookstoves from a vertically integrated, solar-powered facility in Nairobi. Its industrial-scale plant currently has capacity of over 50,000 stoves per month and employs over 600 people, 60% of whom are women. Since founding in 2013, BURN's products have delivered energy access to 7.5 million people across 14 African countries. The company plans multi-country expansion into Somalia, Ghana, Nigeria, Mozambique, and the Democratic Republic of Congo and aims to serve 47 million customers over the next seven years. BURN expects this growth to create over 2,000 jobs and offset roughly 72 million tons of CO2e. The company is in an active growth phase and has secured new long-term financing to scale production and enter new markets.