Lagos-based mobility tech firm MAX has secured $24 million in fresh equity and debt to accelerate its pivot toward electric vehicle (EV) financing across West and Central Africa.
Why it matters
The deal signals a growing investor appetite for African “green mobility” as rising fuel costs and falling battery prices make electric two- and three-wheelers more competitive than petrol alternatives.
The Big Picture
The funding round—backed by Equitane DMCC, Novastar, and Endeavor Catalyst—comes as MAX reaches a critical turning point: profitability in its home market of Nigeria.
- The mix: The $24 million includes equity from global institutional backers and debt from the Energy Entrepreneurs Growth Fund (EEGF).
- The pivot: This follows a significant “strategic reset” last year, which included a 30% workforce reduction (approx. 150 staff) to sharpen focus on EV infrastructure.
- The scale: CEO Adetayo Bamiduro aims to support 250,000 drivers by 2027 and surpass $150 million in annual recurring revenue.
Driving the Transition
MAX isn’t just financing bikes; it’s building the ecosystem required to keep them running. The new capital is earmarked for:
- Infrastructure: Expanding battery-swapping stations and clean energy charging points.
- Local Assembly: Boosting production at its Ibadan, Nigeria plant to reduce reliance on imports.
- Tech Stack: Enhancing proprietary fleet management and IoT (Internet of Things) capabilities.
Between the Lines
The company’s journey reflects the broader evolution of African tech. Founded in 2015, MAX has transitioned through several business models—from delivery and ride-hailing to its current focus on a comprehensive EV platform.
“The capital will accelerate… an integrated mobility platform that improves access and affordability for drivers and riders,” says Bamiduro.
What’s next
Look for MAX to aggressively expand its presence beyond Nigeria into West and Central African markets, leveraging its assembly capacity to partner with local manufacturers.
Source: Empower Africa
Learn more about other African tech startups on Labari Insights, our data repository for tech in Africa: insights.techlabari.com
