Nigerian Mobility Startup MAX Raises $24 Million for EV Expansion
Metro Africa Xpress (MAX), a pioneering Nigerian mobility and asset-financing startup, has successfully closed a $24 million funding round comprising both equity and debt. This significant capital injection is earmarked to accelerate the company’s transition into a pan-African electric mobility platform, signaling strong investor confidence in sustainable transport solutions for the continent.
Strategic Funding for Clean Mobility Infrastructure
The equity portion of the round saw participation from firms including Equitane DMCC, Novastar, and Endeavor Catalyst. Concurrently, asset-backed debt financing was secured from the Energy Entrepreneurs Growth Fund (EEGF) alongside other development finance partners. MAX has confirmed that the new funds will be deployed to scale its electric vehicle fleet, expand critical battery-swapping and clean energy infrastructure, and enhance its proprietary technology systems. A key strategic focus is regional growth, with plans to expand across West and Central Africa. The company aims to support 250,000 drivers and achieve over $150 million in annual recurring revenue by 2027.
Profitability Proves Viability of African Electric Mobility
A cornerstone of MAX’s announcement is its confirmed profitability in the Nigerian market—a notable achievement in a sector where few players report strong unit economics. CEO Adetayo Bamiduro emphasized that this milestone demonstrates electric mobility in Africa is “viable, scalable, and investable today.” This financial sustainability positions MAX among a select group of African mobility companies building resilient business models, even as issues like rising insecurity and incidents such as school abduction crises challenge the broader operating environment in some regions.
The latest funding builds upon MAX’s previous capital raises, including a $31 million Series B in 2021. Historically, the company has raised over $40 million in institutional debt for driver financing. Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX initially provided integrated vehicle subscription packages. The company fully pivoted to electric vehicles approximately one year ago, aligning with a continent-wide shift where volatile fuel prices are making electric two- and three-wheelers increasingly attractive. As investors converge on promising markets from Owerri to other major hubs, MAX’s evolution from a conventional financier to an integrated EV platform reflects a strategic bet on Africa’s clean transportation future.
