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Nigerian mobility startup Metro Africa Xpress (MAX) has secured $31 million in a new Series-B round anchored by leading global private equity firm, Light Rock, in collaboration with Global Ventures, Novastar Ventures and Proparco, among others.
According to TechCrunch, the new round will help the startup expand its operations across the continent and extend its vehicle financing credit to its numerous drivers over the next two years.
Launched in 2015 by CEO Adetayo Bamiduro and his fellow Co-Founder Chinedu Azodoh, MAX began by providing delivery and ride-hailing services, but later transitioned to vehicle subscription and financing. The pivot was made possible thanks to its strong partnerships with a host of commercial banks.
To ensure a seamless transportation model powered by innovation, technology and eco-friendly principles, the startup launched an electric vehicle initiative in 2019, through which it designs and assembles lines of electric motorcycles.
To drive forward this initiative, the startup has signed partnership deals with leading international companies, including Yamaha and Bolt. The Bolt partnership seeks to enable about 10,000 drivers in Nigeria to acquire energy-efficient vehicles through lease-to-own agreements.
In line with its ambitions, the funding secured in the round will help the company continue its impact-making journey, transforming the African mobility-tech space and impacting local lives.
Bamiduro said: “It is another milestone in our journey to make mobility safe, affordable, accessible, and sustainable by deploying high-performance technologies and operators. The investment will enable us to transform the lives of hundreds of thousands of drivers across the continent, accelerate international expansion, and continue our pioneering initiatives in the mobility space.”
