MAX.ng secured $7 million funding round led by Novastar Ventures. The CFO of MAX.ng, Guy-Bertrand Njoya told TechCrunch that they plan to invest the money in multiple transport technologies.
MAX.ng plans to introduce water transport and tricycles into the ride-hailing market. They have partnered with Electric Vehicle manufacturers and grid operators to deploy charging stations across Nigeria. Their press release revealed plans to deploy mobile payments in partnership with Mastercard and of expansion into countries across West Africa, starting with Ghana and Ivory Coast. According to co-founder, Adetayo Bamiduro, they are building technology infrastructure and financial services to make mobility safe, accessible and affordable to 1 billion Africans.
See also: Max.ng secures $7 million, Expands to Ghana & Ivory Coast
Motorcycle ride-hailing startups are gaining ground in the African transport sector. The Ugandan startup, SafeBoda which began operations in Kenya last year, has also recently established business in Nigeria. MAX.ng’s competitor, Gokada raised $5.3 million last month, announced plans to expand to East Africa, and on the way to launch their watercraft transport option – GBoat. The motorcycle ride-hailing sector is backed up by foreign direct investments.
The recent interest from foreign companies shows that digitized motorcycling, representing a collective pool of $4 billion, offers significant Return of Investment. Other investors that participated in the funding round include Breakthrough Energy Ventures, Alitheia Capital, Zrosk Investment Management, Goodwell Investment Fund, and Yamaha, the popular Japanese manufacturer of motorcycles.