Nigerian Mobility Startup MAX Secures $24 Million Following Achievement of Profitability
- MAX closed a $24 million funding round to support its shift towards electric mobility financing.
- The funding round included investments from Equitane DMCC, Novastar, and Endeavor Catalyst.
- MAX achieved profitability in its Nigerian operations, demonstrating the viability of electric mobility in Africa.
Bendada.com - Jan 17, 2026
Nigerian mobility player MAX raises $24 million to scale electric vehicle financing
Metro Africa Xpress Inc. (MAX), a Nigerian mobility tech startup, has secured $24 million in funding
The successful funding round and profitability of MAX signify a pivotal moment for electric mobility in Africa, showcasing the potential for sustainable transportation solutions. However, the challenges of workforce reductions and operational restructuring highlight the need for strategic management in scaling operations. Further exploration of local manufacturing and partnerships with OEMs will be crucial for MAX's long-term success.
