Climate Finance | December 21, 2021

Nigeria’s MAX secures $31 million to upgrade ride-hailing drivers in Africa

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, December 21 — Lagos-based MAX offers drivers subscriptions to packages that include low to zero-emission vehicles, healthcare, insurance, maintenance and e-hailing apps.

The transit company says its 13,000 informal and unbanked drivers have completed 17 million trips and saved 22,000 metric tons of carbon.

The Series B round was led by private equity investor Lightrock and Global Ventures, a UAE-based venture capital firm. Other investors included French DFI Proparco via its Digital Africa Bridge Fund, Yamaha and Novastar Ventures.

Africa expansion

The investment will allow MAX to expand into Egypt and Ghana, where the company has a waitlist of 60,000 drivers. It will also deploy EVs and charging infrastructure for more than 100,000 drivers in francophone, eastern and southern Africa.

The company raised $7 million for a western Africa expansion in 2019.