Nigerian electric mobility startup MAX has completed a $29 million Series B3 funding round with support from the US-based climate investment firm Nithio. The announcement on October 12, 2026, marks a significant step in the company’s growth, though Nithio’s specific contribution remains undisclosed. This latest infusion will drive MAX’s expansion across West and Central Africa, reinforcing its position as a leader in the region’s electric mobility sector.
Since its founding in 2015, MAX has built an end-to-end electric mobility ecosystem centered in Lagos. The platform combines electric motorcycles, battery subscription services, solar-powered charging infrastructure, digital payment systems, and fleet financing solutions. At its core is a subscription model designed for commercial drivers, referred to as MAX Champions, eliminating the need for upfront deposits while providing daily vehicle access.
The company now supports over 60,000 drivers across 20 cities in Nigeria, Ghana, and Cameroon. Through its operations, MAX has enabled more than one billion trips while achieving emissions reductions equivalent to roughly 238,000 tonnes of greenhouse gases annually. Its network includes 288 battery cabinets deployed at 143 swapping locations, with a portion of these stations powered by solar energy to enhance sustainability.
MAX’s financial momentum continued earlier this year with a $24 million equity and debt round in January 2026, led by investors including Novastar Ventures, Triple Jump, and the Energy Entrepreneurs Growth Fund. The company highlights that its electric solutions deliver cost savings of over 40% for drivers compared to traditional petrol-powered vehicles, addressing both operational efficiency and environmental impact.
With this new funding, MAX is set to scale its operations significantly. The company targets serving 250,000 drivers by 2027 while aiming to surpass $150 million in annual recurring revenue. These milestones reflect its ambition to become a dominant force in sustainable urban transportation across Africa, where rising fuel costs and infrastructure gaps create demand for innovative mobility solutions.
Funding Supports Expansion of Clean Energy Infrastructure and Driver Access
The investment follows Nithio’s earlier $7 million commitment to Spiro, an electric motorcycle company, highlighting the firm’s focus on advancing clean transportation across Africa. MAX’s leadership stated the new funding will allow for broader deployment of charging stations and energy systems to support commercial drivers.
Rising fuel expenses and unreliable electricity networks in Nigeria have increased pressure on transport operators, creating demand for affordable electric alternatives. The funding will help MAX address these challenges by expanding its subscription-based model and energy infrastructure in the region.
