Nigerian mobility tech startup, Metro Africa Xpress (MAX), a vehicle subscription platform for low-to-zero emission vehicles, has raised US$31 million in the first close of a Series B funding round, with further closes expected in the next few weeks.
Founded in 2015 by Adetayo Bamiduro and
Chinedu Azodoh, MAX is building the rails for mobility in Africa by delivering
integrated, affordable and collateral-free vehicle subscription packages
including low to zero-emission vehicles, healthcare, insurance, maintenance,
and e-hailing subscriptions.
MAX’s platform leverages alternative data
sets to power driver onboarding, dynamic credit assessment, fleet optimisation,
digital payments, and advanced risk management. The startup’s technology is
powered in partnerships with global OEMs such as Yamaha, ride-hailing platforms
such as Bolt, financial services strategic partners, payment infrastructure
providers and clean energy providers.
Currently, MAX serves over 13,000 drivers,
with over 60,000 prospective drivers in the pipeline. Over 17 million trips
have been completed on the platform, and the startup is now planning expansion
after the first close of its Series B round.
The funding round was led by global private
equity platform Lightrock, for whom it is a first investment in the African
mobility space, and UAE-based international venture capital firm Global
Ventures. It also included participation from new investors, such as venture
debt from Proparco, the French development finance institution, through its
Digital Africa Bridge Fund. Existing investor Novastar Ventures also
participated.
The Series B close follows MAX’s previous
raising of over US$40 million of institutional debt for driver financing. MAX
will use the capital to drive international expansion into Egypt and Ghana
during the first quarter of 2022, followed by Francophone, East, and Southern
Africa. The funding will also enable the deployment of electric vehicles and
charging infrastructure, and the provision of credit and financial products to
over 100,000 drivers.
“We are delighted to announce this funding
round. This new investment from highly respected global investors such as
Lightrock and Global Ventures, plus continued support from our existing
investors, further validates our business model and strategy,” Bamiduro said.
“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.”
Ravi Sharma, partner at Lightrock, said
with rapid urbanisation fuelling the African mobility market growth, MAX was
effectively and sustainably matching supply and demand for affordable, safe and
reliable transportation to the benefit of passengers, drivers and the
environment, pioneering electric vehicles in Africa.
“We are enthusiastic about backing MAX and
their highly capable management team in further scaling the transformation of
African mobility,” he said.
Noor Sweid, a general partner at Global
Ventures, said her firm had been drawn to both team and product at MAX.
“The company was founded by a stellar and
experienced team with a deep and thorough understanding of the market, who have
successfully built a comprehensive tech-driven platform that is truly
driver-centric, offering a one-stop solution with embedded fintech, insurtech
and govtech services. We are thrilled to welcome them to the portfolio as our
first investment in the African mobility space,” she said.
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