Nigerian Startup Raises $31 Million to Deploy Electric Vehicles

The capital raise was led by Lightrock and Global Ventures, a UAE-based international venture capital firm. Max, as the startup is known, plans to expand to Egypt and Ghana in early 2022 before moving to other parts of the continent. 

“It is another milestone in our journey to make mobility safe, affordable, accessible, and sustainable by deploying high-performance technologies and operators,” Adetayo Bamiduro, the chief executive officer of Max said in an emailed statement.

The new funds will also enable the company to provide credit and financial products to more than 100,000 drivers, up from the current 13,000 drivers. 

Max previously raised more than $40 million of institutional debt to finance its drivers. Founded in 2015, the company has partnered with global brands such as Yamaha and ride-hailing platforms such as Bolt to make energy efficient vehicles available to riders. 

Source: Bloomberg Business News