Nigerian mobility startup MAX has successfully raised $24 million in a combined equity and debt funding round to accelerate its expansion across Africa. This new capital injection coincides with the company achieving profitability in Nigeria, its largest market, signaling a major validation of its electric mobility strategy. The funding will fuel the company's mission to advance the continent's transition toward clean, affordable, and inclusive transportation solutions.
Strategic Capital for Clean Mobility Expansion
The funding round features a strategic blend of equity from investors including Equitane DMCC, Novastar, and Endeavor Catalyst. Asset-backed and climate-focused debt was also secured from the Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners. This diverse financial backing underscores strong investor confidence in MAX's integrated electric vehicle and battery subscription platform.
MAX will deploy the capital to rapidly scale its electric vehicle (EV) fleet and expand its solar-powered battery-swapping network. The investment will also deepen the company's proprietary IoT and fleet management capabilities. These enhancements are crucial for its planned geographic expansion across key markets in West and Central Africa.
Profitability Signals a Viable Business Model
A significant factor driving this investment is MAX's recent achievement of profitability in Nigeria. This milestone is a powerful proof point for the commercial viability of electric mobility in a challenging African market. It effectively positions MAX as a leader with a sustainable and scalable business model in the asset-financing sector.
Adetayo Bamiduro, co-founder and CEO of MAX, stated that this success proves electric mobility in Africa is not a future concept but a viable and investable reality today. This achievement is amplified by volatile fuel prices, which make electric two- and three-wheelers more commercially attractive. The company's model demonstrates a clear path to delivering durable impact while lowering transportation costs.
A Focused Pivot and Operational Reset
Founded in 2015, MAX has evolved from a conventional vehicle financing business into a focused electric mobility platform. This transition was cemented by a recent operational reset, which included exiting less profitable business verticals to enhance efficiency. The company also streamlined its workforce to align with its new strategic direction and improve capital discipline.
Central to its operations is an assembly facility in Ibadan, Nigeria, with the capacity to produce up to 3,600 vehicles per month. This capability supports the company's ambitious goals, which include supporting 250,000 drivers by 2027. MAX is also targeting over $150 million in annual recurring revenue as it continues to scale.
This $24 million funding round represents more than just a financial boost for MAX; it is a powerful endorsement of its focused strategy and the vast potential of sustainable transportation in Africa. As the company leverages this capital to expand its infrastructure and reach, it is poised to play a pivotal role in the continent's journey. MAX is well-positioned to build a truly pan-African mobility platform for a cleaner and more inclusive future.