Metro Africa Xpress (MAX), Nigerian mobility financing startup, has raised $24 million in a combined equity and debt funding round. The equity portion of the round attracted investments from Equitane DMCC, Novastar Ventures, Endeavor Catalyst, and other global investors. On the debt side, asset-backed financing was provided by the Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump, along with additional development finance partners.
MAX, recognized as Africa's first integrated electric vehicle (EV) and battery subscription platform, plans to deploy the funds to expand its EV fleet, increase the rollout of solar-powered battery-swapping stations, enhance its proprietary IoT and fleet management systems, and drive regional growth beyond Nigeria.
To date, the company says it has deployed over $56 million in fleet financing and repaid $44 million, demonstrating robust credit performance and strong financial discipline.
MAX operates a fully integrated electric mobility ecosystem that encompasses vehicle design and local assembly, battery systems, charging and swapping infrastructure, IoT technology, payments, and financing. The company has ambitious targets, including supporting up to 250,000 drivers by 2027 and achieving more than $150 million in annual recurring revenue.
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