News
MAX raises $24 million in equity and debt as it reports profit in Nigeria
Nigerian electric mobility company MAX has raised $24 million in combined equity and debt from Equitane, Novastar, Endeavor Catalyst and the Energy Entrepreneurs Growth Fund.
By Propel Africa · 2026-01-16
MAX, the Nigerian electric mobility company, has raised $24 million in a combined equity and debt round, TechCabal reported. The equity came from Equitane, Novastar Ventures, Endeavor Catalyst and other global investors. The Energy Entrepreneurs Growth Fund provided asset-backed debt, alongside other development finance partners. The split between equity and debt was not given.
What MAX does
MAX finances electric two and three wheelers on a pay-as-you-go basis. It is moving from vehicle financing to an integrated electric mobility platform that adds battery swapping, fleet management and IoT systems, and it assembles vehicles locally in Ibadan, with capacity for up to 3,600 a month. Adetayo Bamiduro and Chinedu Azodoh founded it in 2015 as a delivery service.
Traction
MAX says it has reached profitability in Nigeria, its largest market. About 20,000 of its EVs are on Nigerian roads, and it has deployed over $56 million in fleet financing. CEO Adetayo Bamiduro said: "Profitability in Nigeria proves that electric mobility in Africa is not a future concept."
Plans
The money will scale the EV fleet, expand battery swapping and clean energy infrastructure, strengthen fleet management and IoT, and extend into West and Central Africa. MAX targets 250,000 drivers by 2027.
At a glance
- Company: MAX
- Raised: $24 million
- Round or type: Equity and debt
- Investors: Equitane, Novastar, Endeavor Catalyst, Energy Entrepreneurs Growth Fund
- Founded: 2015
- Markets: Nigeria, expanding to West and Central Africa
- Key number: About 20,000 EVs on the road
- Total raised since 2019: About $87 million