MAX extends its Series B3 to $29 million with backing from Nithio

Nigerian electric mobility company MAX has extended its Series B3 round to $29 million with an investment from Nithio, a Washington-based climate fintech, Launch Base Africa and WeeTracker reported on 14 October. Neither company disclosed the size or structure of Nithio's cheque, so the $29 million is the total for the round rather than fresh money.

The extension adds to the $24 million package of equity and debt that MAX announced in January 2026, backed by investors including Novastar Ventures and Endeavor Catalyst. Propel's records also show $8 million in debt that MAX raised in May.

Founded in 2015 and based in Lagos, MAX offers electric vehicles and batteries on subscription, combining vehicle finance, battery swapping, solar-powered charging and fleet software. It works across 20 cities in Nigeria, Ghana and Cameroon. According to Launch Base Africa, the company has deployed more than $56 million in fleet financing, has repaid $44 million and is profitable in Nigeria, its largest market.

The new capital will support expansion across West and Central Africa, where MAX has nine more markets in its pipeline. Nithio's chief investment officer, Raghav Sachdeva, described MAX as a scalable platform for cleaner and more affordable mobility. Chief executive Adetayo Bamiduro said profitability in Nigeria showed that electric mobility in Africa was already a working business, not a future idea.