Nithio, a climate finance investor, has backed MAX, the Lagos-based electric mobility company, extending its Series B3 round to $29 million, according to TechTrendsKE and Tech In Africa. Neither company disclosed how much Nithio put in.
MAX first announced the round in January as $24 million in equity and debt, from Novastar Ventures, Triple Jump, Endeavor Catalyst, Equitane DMCC and the Energy Entrepreneurs Growth Fund, Tech In Africa reports. Earlier this year Nithio put $7 million into Spiro, one of MAX's motorcycle makers.
What the money is for
MAX, founded in 2015, runs a subscription platform for commercial drivers, mostly motorcycle riders. Drivers pay daily for an electric bike and battery swaps, with no upfront deposit. The new money goes into rolling out more bikes through its manufacturing partners Spiro and NOVR, and into charging and battery-swap sites in existing and new markets, according to TechTrendsKE.
The network so far
- 288 battery cabinets across 143 swap locations, partly solar powered.
- More than 380,000 battery swaps by its drivers, with monthly volumes approaching 77,000.
- Nearly 7,000 Spiro bikes deployed, in a first phase that targets 10,000.
- 20 cities across Nigeria, Ghana and Cameroon, according to Tech In Africa.
MAX claims its electric bikes, with solar charging and battery swaps, cut drivers' energy and maintenance costs by more than 40% compared with petrol at current Nigerian fuel prices. Its stated targets for 2027 are 250,000 commercial drivers and more than $150 million in annual recurring revenue.
Chief executive Adetayo Bamiduro said Nithio's investment validates a model in which mobility is clean, affordable and pays for itself, TechTrendsKE reports.
