Metro Africa Xpress Inc. (“MAX”) – the vehicle subscription platform for low-to-zero emission vehicles in Africa, has raised $31 million of new capital, in the first close of a Series B funding round.
Subsequent closes are expected in the next few weeks.
The funding round was led by global private equity platform, Lightrock, for whom it is their first investment in the African mobility space, and UAE-based international venture capital firm, Global Ventures.
The Series B close follows MAX’s previous raising of over $40 million of institutional debt for driver financing.
The Series B round will be used to drive international expansion into Egypt and Ghana during the first quarter of 2022, followed by Francophone, East, and Southern Africa.
The capital will also enable the deployment of electric vehicles and charging infrastructure, and the provision of credit and financial products to over 100,000 drivers.
The oversubscribed round 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 endorsement of Lightrock, and Global Ventures validates the strength and reach of MAX and reflects the huge market opportunity.
“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. 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,” says Adetayo Bamiduro, CEO of MAX.
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.
This helps drivers maximize their revenues and minimize costs.
MAX’s innovative technology platform leverages alternative data sets to power driver onboarding, dynamic credit assessment, fleet optimization, digital payments, and advanced risk management. The Company has pioneered this operating model and its 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.