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 · Debt Financing · Sep 2015

Smile Telecoms is a Mauritius-based telecommunications company that operates LTE broadband networks in Nigeria, Tanzania and Uganda. It offers mobile high-speed broadband and plans to launch in the Democratic Republic of Congo early next year. The company intends to expand its LTE infrastructure to match the coverage of its 3G networks by the end of this year. Smile says it has more than 300 million potential customers across those four markets, where internet penetration remains low (Nigeria 38%, Uganda 23%, Tanzania 14%, DR Congo 6.5%). The new capital will fund infrastructure buildout and help it compete with incumbents such as MTN, Airtel, Telefonica and Orange. Since founding in 2007 the company has now raised $600 million to date.

Led · Debt Financing · Sep 2015

Smile Telecoms Holdings is a pan‑African telecommunications group founded in 2007 and incorporated in Mauritius, led by CEO Irene Charnley. It owns and operates 4G LTE mobile broadband networks in the 800MHz band in Nigeria, Tanzania and Uganda and has an associate in South Africa and plans to launch in the Democratic Republic of Congo. The company launched commercial 4G LTE networks in 2012, starting in Dar es Salaam and Kampala, followed by Ibadan and Lagos in Nigeria. Core products and services are super‑fast data and, by the end of 2015, clear voice services; planned network roll‑out work involves Alcatel‑Lucent and Ericsson, a full MPLS network, a London point of presence and expanded international backhaul. Smile's stated objective is to become the broadband provider of choice for high‑speed data and clear voice across its markets and to provide over 300 million potential customers in its four countries of operation with a high quality platform. The company raised $365M of financing to accelerate national network roll‑out and fund operating expenditure and working capital.