Nigerian transport startup MAX.ng has raised US$7 million in funding to expand across West Africa and add to its product offering.
Founded in 2015, MAX.ng is a mobility platform that connects users to vetted professional motorcycle-taxi drivers via a mobile app. The startup has completed over one million trips, and took part in the World Bank’s XL Africa accelerator in 2017.
It has now followed fellow Nigeria-based moto-taxi startups Gokada and SafeBoda in securing investment, raising US$7 million to take its total raised funding to date to US$8.5 million. The investor group includes Novastar Ventures, Yamaha Motor, Breakthrough Energy Ventures, Zrosk Investment Management, and Goodwell Investments.
“MAX is building technology infrastructure and financial services to make mobility safe, affordable and accessible to 1 billion Africans. This isn’t just about building mobile apps. It is about creating financial, technology and operating infrastructure where it never existed,” said Adetayo Bamiduro, MAX.ng chief executive officer (CEO) and co-founder.
The startup will use the funding to expand to 10 cities across West Africa, scale its technology infrastructure, deploy mobile payments in partnership with Mastercard, introduce an electric fleet, and deploy new vehicle categories, including three-wheel tuk-tuks.
“This is where the adventure begins. We are excited by the opportunity to foster widespread financial inclusion for the unbanked and underbanked across the continent through the development of our transportation-finance platform,” said chief financial officer (CFO) Guy-Bertrand Njoya.
Source: Nigerian transport startup MAX.ng raises $7m funding round
By Tom Jackson
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