Nigerian startup MAX, Africa first integrated electric vehicle and battery subscription platform, has raised US$24 million in funding to accelerate the continent transition to clean, affordable, and inclusive mobility.
Funding Details
The funding round combines equity investment from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed and climate-focused debt from the Energy Entrepreneurs Growth Fund (EEGF) managed by Triple Jump and additional development finance partners.
Expansion Plans
The funding will be deployed to rapidly scale MAX electric vehicle fleet, expand its solar-powered battery-swapping network, deepen proprietary IoT and fleet management capabilities, and support geographic expansion across West and Central Africa. MAX currently operates across Nigeria, Ghana, and Cameroon.
Market Validation
According to MAX co-founder and CEO Adetayo Bamiduro: Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today. This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform.
Tech Ecosystem Growth
This funding round reflects the continued growth of Nigeria tech ecosystem, which raised over $410 million in 2025. I-STRATA supports tech companies and investors navigating Nigeria startup landscape through our curated access and stakeholder engagement services.