Metro Africa Xpress Inc. the Nigeria vehicle investment subscription platform, has announced a $31 million capital raise in the first close of its Series B funding round. Subsequent closes are expected over the coming few weeks. This funding round was led by UK-based global private equity firm Lightrock. This is the company’s first investment into the continent’s mobility space alongside UAE investment firm Global Ventures. This oversubscribed round also drew participation from Proparco and Novastar Ventures.
This new Serie B will drive its international expansion into Ghana and Egypt during the first quarter of 2022. Further expansion plans towards Francophone, East, and Southern Africa are on the horizon. This funding will further enable the deployment of electric vehicles and charging infrastructure in addition to providing credit and financial products to over 100,000 drivers.
MAX was founded by Adetayo Bamiduro and Chinedu Azodoh in 2015 and is working towards building the rails for Africa’s mobility. The company delivers integrated, affordable, and collateral-free vehicle subscription packages such as zero-emission vehicles, insurance, healthcare, maintenance, and e-hailing subscriptions. The idea is to help drivers maximize revenues and minimize costs. MAX has previously raised a $40 million round of institutional debt for its driver financing.
Adetayo Bamiduro, the CEO of MAX described the investment by Lightrock and Global Ventures as a validation of the company’s business model and strategy. Noor Seid, the General Partner at Global Ventures highlighted MAX’s “stellar and experienced team with a deep and thorough understanding of the market.”