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Updated · Bloomberg · Jun 22Spiro Nears $1 Billion Valuation With $55 Million NewTrails Investment
1 articles · Updated · Bloomberg · Jun 22Summary
- $55 million from NewTrails Capital will push African electric mobility startup Spiro to a valuation of nearly $1 billion, founder Gagan Gupta said.
- The new check lifts Spiro's latest funding round to $270 million, moving the company to the edge of unicorn status.
- Chinese backing is central to the round, underscoring growing investor interest in Africa's electric mobility sector.
Insights
As a Chinese-backed unicorn rises in Africa, what hidden costs come with its green revolution? With 100,000 e-bikes on the road, is Africa's urban transit problem being solved or worsened?