New post Thank you for 2021. Expecting a bigger you in 2022 Read More


Metro Africa Xpress raises $31m series B funding, plans expansion across Africa and build EVs

2 Mins read

Nigerian-based mobility startup, Metro Africa Xpress Inc (MAX), has secured $31 million in its series B funding round.

The mobility tech startup, which was co-founded by Adetayo Bamiduro and Chinedu Azodoh, said the startup will use the funding to expand into Ghana and Egypt by the end of Q1 of 2022.

MAX is also planning to spread its services into East and Southern parts of Africa, as well as into francophone countries, by the end of 2022.

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,” co-founder and CEO, Adetayo Bamiduro, told TechCrunch.

The funds will also be used to extend vehicle financing credit to over 100,000 drivers in the next two years, as well as the deployment of electric vehicles and charging infrastructure.

The funding round was led by Lightrock, which is a global private equity platform, and UAE-based international venture capital firm, Global venture. This investment marks Lightrock’s foremost investment in the African mobility space.

The investment round also received participation from existing investors like Novastar Ventures, and Proparco, the French development finance institution, through their Digital Africa initiative.

Read also: Edtech and Fintech Startup – Decagon – raises US$1.5m seed equity funding

MAX was founded in 2015 by the duo of Adetayo Bamiduro and Chinedu Azodoh. The startup has been working on improving mobility in Africa by delivering integrated, affordable, and collateral-free vehicle subscription packages.

The startup also offer other services including low to zero-emission vehicles, healthcare, insurance, maintenance, and e-Hailing subscriptions.

In 2018, MAX introduced vehicle financing feature to help its drivers own their own vehicles with ease. In 2019 MAX began its electric mobility journey.

The startup currently provides two, three and four-wheeler EVs to drivers through various leasing and financing options.

MAX work with partners like Yamaha, a leading motorcycle manufacturer, to deliver its own line of electric motorcycles.

We work with Yamaha in the area of access to vehicles for the drivers, and in the access to finance. As a testament of the success of our work and partnership, Yamaha today has set up a dedicated driver vehicle financing entity for Africa against the backdrop of the work that we’ve been doing with them over the past couple of years,” CFO Guy-Bertrand Njoya said.

501 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts

South Africa's DataProphet raises $10 million to push its global expansion

2 Mins read
DataProphet, a South Africa-based AI-as-a-service company, has raised $10 million in its series A funding round. The funding round was led by…

TeamApt raises $50 million from US-focused investment firm - QED

2 Mins read
Nigerian fintech company, TeamApt, has raised $50m in its latest financing round. The company, which offers payment services via its products –…

Lami Technologies raises $3.7 million in seed round extension; to push expansion to more African countries

2 Mins read
Insurtech company, Lami Technologies, has raised an additional $3.7 million in its seed extension round. The seed extension round was led by…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply