Metro Africa Xpress Inc. (“MAX”) – the largest vehicle subscription platform for low-to-zero emission vehicles in Africa, announces it has raised $31 million of new capital, in the first close of a Series B funding round. Subsequent closes are expected in the next few weeks. Proparco, through the Digital Africa Bridge Fund, joins as a new investor.
The funding round was led by global private equity platform, Lightrock, for whom it is their first investment in the African mobility space, and UAE-based international venture capital firm, Global Ventures. The Series B close follows MAX’s previous raising of over $40 million of institutional debt for driver financing. The Series B round will be used to drive international expansion into Egypt and Ghana during the first quarter of 2022, followed by Francophone, East, and Southern Africa. The capital will also enable the deployment of electric vehicles and charging infrastructure, and the provision of credit and financial products to over 100,000 drivers.
The oversubscribed round included participation from new investors such as Venture debt from Proparco through the Digital Africa Bridge Fund. Existing investor Novastar Ventures also participated. The endorsement of Lightrock, and Global Ventures validates the strength and reach of MAX and reflects the huge market opportunity.
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX is building the rails for mobility in Africa by delivering integrated, affordable and collateral-free vehicle subscription packages including low to zero-emission vehicles, healthcare, insurance, maintenance, and eHailing subscriptions. This helps drivers maximise their revenues and minimise costs. MAX’s innovative technology platform leverages alternative data sets to power driver onboarding, dynamic credit assessment, fleet optimization, digital payments, and advanced risk management.