Friday
December 24
2021

Nigerian Mobility-Tech Startup MAX Bags $31 Million in Series B Round, Set To Expand Across Africa, Build EV Infrastructure

By Annie Njanja

Nigerian mobility tech startup Metro Africa Xpress Inc. (MAX) is planning to enter more markets across Africa as it races toward formalizing the continent’s transportation sector after securing $31 million in Series B funding.

The startup told TechCrunch that it will use the funding to enter Ghana and Egypt by the end of the first quarter of 2022, and other additional markets in Francophone, East and Southern Africa by the close of the same year. The funds will also be used to extend vehicle financing credit to over 100,000 drivers in the next two years.

MAX started out in 2015 as a delivery startup using motorcycles to fulfil customer orders before venturing into ride-hailing, and later into vehicle subscription and financing services — solutions it came up with based on the data from its first services.

Photo courtesy of khengsiong.

Source: TechCrunch (link opens in a new window)

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Finance, Technology
Tags
electric vehicles, infrastructure, mobility, startups, tech, technology