Metro Africa Xpress (MAX), a low-to-zero emission car subscription platform based in Nigeria, has raised US$31 million in the first close of a Series B funding round, with more closes planned in the coming weeks.
MAX previously raised nearly US$40 million in institutional debt for driver financing, which was followed by the Series B closing.
The funding round was headed by Lightrock, a global private equity platform, which is making its first investment in the African mobility area, and Global Ventures, an international venture capital firm based in the United Arab Emirates. It also includes new investors, including venture debt from Proparco, a French development finance agency, via its Digital Africa Bridge Fund. Novastar Ventures, an existing investor, also took part.
MAX was founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh with the goal of providing integrated, inexpensive, and collateral-free vehicle subscription packages that include low- to zero-emission automobiles, healthcare, insurance, maintenance, and e-hailing subscriptions.
Driver onboarding, dynamic credit evaluation, fleet optimization, digital payments, and sophisticated risk management are all powered by MAX’s technology, which uses alternative data sets. The startup’s technology is backed by global OEMs like Yamaha, ride-hailing platforms like Bolt, financial services strategic partners, payment infrastructure providers, and clean energy providers.
“We are ecstatic to announce this round of investment.” “Our business model and objectives are further validated by this fresh investment from highly regarded worldwide investors such as Lightrock and Global Ventures, as well as continuous support from our existing investors,” Bamiduro added.
MAX now employs over 13,000 drivers, with an additional 60,000 in the pipeline. The platform has completed over 17 million trips, and the firm is now looking to expand following the first close of its Series B financing.
During the first quarter of 2022, MAX will use the funds to expand internationally into Egypt and Ghana, followed by Francophone, East, and Southern Africa. The funds will also be used to install electric vehicles and charging infrastructure, as well as provide credit and financial solutions to over 100,000 drivers.
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