Mobility startup MAX wins funding to expand across Africa
Nigerian mobility startup Metro Africa Xpress Inc (MAX) has secured $31 million in Series B funding. The money will be used to help the company enter more markets in the Continent.
The startup told TechCrunch it plans to enter Ghana and Egypt during the first quarter of 2022 and Francophone, East and Southern Africa by the end of Q4. The money will also help MAX expand its services over the next two years.
Established in 2015 as a delivery company using motorcycles, MAX expanded into ride-hailing and then vehicle subscription and financing services for taxi and ride-hail drivers who wouldn’t otherwise be able to own their vehicle.
MAX is also planning to introduce electric vehicles into its service and already provides two, three and four-wheeler EVs to drivers through various leasing and financing options. They recently partnered with Estonian ride-hailing company Bolt in a lease-to-own arrangement set to enable 10,000 drivers under the platform in Nigeria to acquire energy-efficient vehicles.
Image courtesy of MAX