Nigerian mobility player MAX closes $31m series B funding round

Metro Africa Express (MAX) has is closing out a stellar 2021 with a $31 million series B round of funding led by Lightrock, Global Ventures and Novastar Ventures. The investment is said to help the company build out its electric vehicle infrastructure and follows a lease-to-own partnership with Bolt announced last month.

MAX is working to be premier vehicle subscription and financial services platform on the continent

“It is another milestone in our journey to make mobility safe, affordable, accessible, and sustainable by deploying high-performance technologies and operators,” explains MAX co-founder Adetayo Bamiduro  “The investment will enable us to transform the lives of hundreds of thousands of drivers across the continent, accelerate international expansion, and continue our pioneering initiatives in the mobility space.”

This investment represents the first foray into African mobility solutions for Lightrock, which is best known for an investment philosophy that prioritises driving change in the various sectors it enters. A pivot to EV technology was a deciding factor in the funding participation, which is in line with the firm’s social and environmental values.

MAX is probably better known for its financial solutions that helps commercial drivers gain access to the tools they need to participate in the economy.

While the company is focused on expanding its solutions to include daily transactions, it has also begun shipping pre-order models of the MAX M3 EV electric motorcycle to customers.

These motorcycles are equipped with swappable batteries which will eliminate many of the pain points involved with commercial operation of EVs.

 

Read more: InfraCo expands e-mobility interests with Zembo investment 

 

Featured image supplied by MAX