ImpactAlpha, June 24 – Transit startup MAX.ng is known for its motorcycle ride-hailing service, a growing transport trend in Africa’s traffic-choked cities, like its home city of Lagos. The Nigerian startup has raised $7 million to expand into 10 new West African cities.
MAX’s ambition is to create financial, technology and operating infrastructure “to make mobility safe, affordable and accessible to one billion Africans,” founder Adetayo Bamiduro said in a statement. The Lagos-based company has completed more than one million trips since launching in 2015 and plans to scale to ten new cities in West Africa. It also plans to roll out a fleet of electric motorcycles and is in talks with electric vehicle manufacturers and grid operators in Nigeria, TechCrunch reports.
MAX’s equity funding round was led by Lagos- and Nairobi-based venture capital firm Novastar Ventures and Japanese motorcycle maker Yamaha, with support from Breakthrough Energy Ventures, the billionaire-backed fund channeling $1 billion to the global clean energy transition.
Africa-based Zrosk Investment Management and Dutch impact investor Goodwell also backed the round. Goodwell, which invested through its €100 million uMunthu Fund, previously backed South African transit startup WhereIsMyTransport.