Nigerian mobility technology company Metro Africa Xpress Inc (MAX) has raised $24 million in a mix of equity and debt to accelerate its expansion into electric mobility and clean energy infrastructure across West and Central Africa, the company said.
The equity round was backed by Equitane DMCC, Novastar Ventures and Triple Jump, alongside Endeavor Catalyst and other global investors. The debt portion includes asset-backed climate financing from the Energy Entrepreneurs Growth Fund (EEGF), which is managed by Triple Jump, as well as development finance partners.
MAX said the funds will be used to expand its electric vehicle (EV) fleet, roll out solar-powered battery-swapping stations, deepen its proprietary internet-of-things (IoT) and fleet management systems, and finance geographic expansion across the region.
The fundraising follows MAX’s return to profitability in Nigeria, its largest market, after the company restructured operations last year to focus on EV financing and asset-backed growth.
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” said Adetayo Bamiduro, MAX’s co-founder and chief executive. “This capital allows us to scale faster, deepen clean energy infrastructure, and build a pan-African mobility platform.”
Founded in 2015 by Bamiduro and Chinedu Azodoh, MAX has evolved from a delivery and ride-hailing service into an integrated mobility platform spanning vehicle financing, EV assembly, battery systems and subscription-based access. Since 2019, the company has raised about $87 million in total funding, including a $31 million Series B round in 2021 and more than $40 million in institutional debt between 2021 and 2022.
MAX said it has deployed over $56 million in fleet financing, with $44 million repaid through its pay-as-you-go model, which allows commercial drivers to access vehicles with no upfront costs while gradually working toward ownership.
The company operates a local EV assembly facility in Ibadan, Nigeria, with capacity to produce up to 3,600 two- and three-wheel electric vehicles per month. It partners with regional and global manufacturers including Yamaha, Hero and Spiro to produce vehicles adapted for African operating conditions.
MAX currently operates in 20 cities across three countries, with expansion plans covering nine additional African markets. It said it aims to support 250,000 drivers by 2027, with at least half of new vehicle subscriptions expected to be electric, and to exceed $150 million in annual recurring revenue.
Investors said the round reflects growing confidence in Africa-focused electric mobility models that combine commercial returns with climate impact. Anish Jain, group chief executive of Equitane DMCC, said MAX strengthens the firm’s Africa portfolio, while Brian Odhiambo, a partner at Novastar Ventures, said the company was demonstrating that clean mobility can scale profitably.
Triple Jump said the financing aligns with its strategy of backing businesses that deliver both financial performance and climate-positive outcomes in emerging markets.
With battery costs declining and urban transport demand rising, MAX said Africa is approaching an inflection point in mobility and energy adoption.
In October 2024, MAX entered into a strategic partnership with PASH Global, a renewable energy and impact investment firm, to invest $10 million in expanding Nigeria’s electric vehicle (EV) infrastructure. The two aimed developing a network of EV charging stations across urban centers, accelerating Nigeria’s transition to clean, sustainable mobility.
The initiative supports the adoption of electric motorcycles, three-wheelers, and cars, addressing transportation challenges and driving greener, more inclusive urban mobility solutions in Nigeria.