Nigerian electric mobility startup MAX has obtained further money from US-based climate investment firm Nithio, bringing its Series B3 fundraising round to $29 million as the company expands across Africa.
The investment, announced by Nithio on October 12, 2026, would help MAX provide inexpensive, environmentally sustainable transportation options throughout West and Central Africa. However, the actual sum contributed by Nithio has not been released.
What is MAX
MAX was founded in 2015 and is located in Lagos. It runs a complete electric mobility platform that includes electric motorbikes, battery subscriptions, solar-powered charging infrastructure, digital payments, and fleet financing.
The company provides commercial drivers, known as MAX Champions, with access to electric vehicles via daily subscription payments that do not require prior deposits.
MAX is currently operating in 20 locations in Nigeria, Ghana, and Cameroon, with aspirations to grow into other African markets.
According to business data, MAX has assisted over 60,000 commercial drivers, facilitated over one billion journeys, and helped prevent nearly 238,000 tons of greenhouse gas emissions.
Its growing energy infrastructure includes 288 battery cabinets spread among 143 switching locations, which are partially backed by solar-powered generation facilities.
The investment contributes to Nithio’s rising presence in Africa’s electric transportation business. Earlier in 2026, the climate financing organization spent $7 million in Spiro, an electric motorcycle company, to promote clean transportation growth.
MAX’s current fundraising follows a $24 million equity and debt capital round announced in January 2026, which was led by Novastar Ventures, Triple Jump, Endeavor Catalyst, Equitane DMCC, and the Energy Entrepreneurs Growth Fund.
MAX co-founder and CEO Adetayo Bamiduro stated that the investment would enable the company to expand its clean energy infrastructure and reach more commercial drivers.
The company claims that its electric mobility solutions may lower drivers’ energy and maintenance costs by more than 40% when compared to gasoline-powered alternatives.
The development comes as transportation expenses in Nigeria rise, with high petrol prices and poor energy infrastructure posing issues for commercial transport providers.
Despite these difficulties, MAX aims to have 250,000 commercial drivers and annual recurring income of more than $150 million by 2027.
The recent financing demonstrates significant investor interest in African electric mobility companies that provide cost-effective transportation options while addressing environmental sustainability and financial inclusivity.
