Nigerian mobility player MAX raises $24 million to scale electric vehicle financing

Nigerian mobility tech startup Metro Africa Xpress Inc. (MAX) has raised $24 million in a mix of equity and debt as it moves from conventional vehicle financing into electric mobility across West and Central Africa.

The equity round drew participation from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund (EEGF) and development finance partners. Novastar, an existing backer, also participated, following its involvement in MAX’s Series B round in September 2025.

The funding comes after MAX reached profitability in Nigeria, its largest market, and a year after the company restructured its operations to focus on EV financing. Proceeds from the raise will be used to expand MAX’s electric vehicle fleet, battery-swapping and clean energy infrastructure, proprietary fleet management systems, and its footprint across West and Central Africa. The company says it aims to support 250,000 drivers by 2027 and exceed $150 million in annual recurring revenue.

Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX has evolved from a delivery service into ride-hailing, vehicle financing, and now EV assembly. Since 2019, the company has raised about $87 million in total funding. This includes a $31 million Series B round in December 2021 and over $40 million in institutional debt raised between 2021 and 2022 for driver financing.

MAX operates an assembly facility in Ibadan with the capacity to produce up to 3,600 two- and three-wheel electric vehicles per month, working with regional and global OEM partners. To date, the company says it has deployed over $56 million in fleet financing and repaid $44 million through its pay-as-you-go model.