Nairobi, June 1 -- Electric motorcycle company Spiro has raised $215 million (Sh27.8 billion) in fresh funding to expand its battery-swapping network, local manufacturing and enter new African markets.

The equity funding round, where a firm raises capital by selling ownership shares, was led by Impact Fund Denmark, Denmark's development finance institution, alongside Spiro's Dubai-based parent company, Equitane.

Spiro said it would expand its battery-swapping infrastructure, strengthen its industrial and assembly footprint, accelerate technology development and support expansion into the Democratic Republic of Congo (DRC) and Ethiopia.

It comes just days after the company announced the acquisition of UK engineering and design firm Coex...