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According to a report by TechCabal, the funding round includes equity investments from **Equitane DMCC**, **Novastar**, and **Endeavor Catalyst**, alongside asset-backed debt provided by the **Energy Entrepreneurs Growth Fund (EEGF)** and other development finance partners. --- ## **Funding to Power Electric Vehicles and Clean Energy Infrastructure** MAX said the fresh capital will be used to: * Scale its **electric vehicle (EV) fleet** * Expand **battery-swapping networks** and clean energy infrastructure * Strengthen its **proprietary fleet management and IoT systems** * Support **regional expansion across West and Central Africa** The company added that the funding supports its long-term goal of enabling **250,000 drivers by 2027** and surpassing **$150 million in annual recurring revenue**. --- ## **CEO: Funding Will Accelerate Pan-African Expansion** Commenting on the raise, MAX co-founder and CEO **Adetayo Bamiduro** said the new capital positions the company to scale faster while deepening its clean mobility footprint across the continent. “This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact,” Bamiduro said. --- ## **MAX Reaches Profitability in Nigeria** MAX also confirmed that it has achieved **profitability in Nigeria**, a significant milestone in a sector where only a small number of mobility and asset-financing companies have demonstrated sustainable unit economics. “Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” Bamiduro added. The achievement places MAX among a growing group of African mobility startups showing that clean transport models can succeed despite challenging operating conditions. --- ## **Strong Funding History and Investor Confidence** Before this latest raise, MAX secured **$31 million in Series B funding in 2021**, led by **Lightrock** and **Global Ventures**, to support its Africa-wide expansion and EV infrastructure rollout. The company also extended vehicle financing credit to more than **100,000 drivers** during that phase. Earlier, MAX raised over **$40 million in institutional debt** for driver financing and leveraged bonds and venture capital to scale its asset-financing and mobility operations. --- ## **Electric Mobility Gains Momentum in Africa** The latest funding round reflects growing investor confidence in MAX’s evolution from a traditional vehicle financing company into an **integrated electric mobility platform**. This transition aligns with broader trends across Africa’s transport sector, where **volatile fuel prices** and rising operating costs are making **electric two- and three-wheelers** increasingly attractive for commercial drivers and fleet operators. As Africa’s electric mobility ecosystem continues to mature, MAX is positioning itself at the intersection of **financing, technology, and clean energy-powered transportation**. --- If you want, I can also: * Shorten this for **venture funding trackers** * Localize it for **Nigeria-only or Africa-wide audiences** * Rewrite it for **investor newsletters, LinkedIn, or Google Discover** MAX Raises $24 Million to Scale Electric Mobility and Driver Financing Across Africa AI Is Forcing Workers to Learn New Skills as Job Markets Rapidly Change, IMF Warns AI Is Forcing Workers to Learn New Skills as Job Markets Rapidly Change, IMF Warns

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