Grace Ashiru
Nigerian electric mobility startup MAX has secured fresh financing from US-based climate investment firm Nithio, increasing its Series B3 funding round to $29 million as the company accelerates its expansion across Africa.
The investment, announced by Nithio on October 12, 2026, will support MAX’s efforts to provide affordable, environmentally friendly transportation solutions across West and Central Africa. However, the exact amount contributed by Nithio was not disclosed.
Founded in 2015 and headquartered in Lagos, MAX operates an integrated electric mobility platform combining electric motorcycles, battery subscriptions, solar-powered charging infrastructure, digital payments and fleet financing.
The company provides commercial drivers, known as MAX Champions, with access to electric vehicles through daily subscription payments without requiring upfront deposits.
MAX currently operates in 20 cities across Nigeria, Ghana and Cameroon, with plans to expand into additional African markets.
According to company figures, MAX has supported more than 60,000 commercial drivers, facilitated over one billion trips and helped prevent approximately 238,000 tonnes of greenhouse gas emissions.
Its expanding energy infrastructure includes 288 battery cabinets across 143 swapping locations, supported partly by solar-powered generation facilities.
The investment strengthens Nithio’s growing involvement in Africa’s electric mobility industry. Earlier in 2026, the climate financing firm invested $7 million in electric motorcycle company Spiro to support clean transportation development.
MAX’s latest financing also follows a $24 million equity and debt funding round announced in January 2026, backed by investors including Novastar Ventures, Triple Jump, Endeavor Catalyst, Equitane DMCC and the Energy Entrepreneurs Growth Fund.
MAX co-founder and Chief Executive Officer Adetayo Bamiduro said the investment would enable the company to expand its clean energy infrastructure and reach more commercial drivers.
The company claims its electric mobility solutions can reduce drivers’ energy and maintenance expenses by more than 40% compared with petrol-powered alternatives.
The development comes amid rising transportation costs in Nigeria, where petrol prices and inadequate electricity infrastructure continue to create challenges for commercial transport operators.
Despite these obstacles, MAX is targeting 250,000 commercial drivers and annual recurring revenue exceeding $150 million by 2027.
The latest financing underscores growing investor interest in African electric mobility businesses offering cost-effective transportation alternatives while addressing environmental sustainability and financial inclusion.
