Nigerian vehicle subscription startup MAX raises $31m Series B round
Summary
MAX’s platform leverages alternative data sets to power driver onboarding, dynamic credit assessment, fleet optimisation, digital payments, and advanced risk management. It also included participation from new investors, such as venture debt from Proparco, the French development finance institution, through its Digital Africa Bridge Fund. The funding 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 investment will enable us to transform the lives of hundreds of thousands of drivers across the continent, accelerate international expansion, and continue our pioneering initiatives in the mobility space.” Ravi Sharma, partner at Lightrock, said with rapid urbanisation fuelling the African mobility market growth, MAX was effectively and sustainably matching supply and demand for affordable, safe and reliable transportation to the benefit of passengers, drivers and the environment, pioneering electric vehicles in Africa. “The company was founded by a stellar and experienced team with a deep and thorough understanding of the market, who have successfully built a comprehensive tech-driven platform that is truly driver-centric, offering a one-stop solution with embedded fintech, insurtech and govtech services.