MAX Secures $24 Million to Expand Electric Mobility in Africa
Metro Africa Xpress (MAX), a Nigerian mobility financing startup, has raised $24 million in a combined equity and debt funding round as it accelerates its transition toward electric and clean mobility solutions.
According to a report by TechCabal, the funding round includes equity investments from Equitane DMCC, Novastar, and Endeavour 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.
