MAX.ng, a Lagos, Nigeria-based app-based motorcycle hailing service in West Africa, raised approx. $7.5m in funding.
Backers included Goodwell Investments managed uMunthu fund, via its West Africa partner Alitheia Capital, NovaStar Ventures, Yamaha, Breakthrough Energy Ventures, Zrosk Investment Management and other partners. Existing investors included Techstars, Olive Tree Capital, Venture Garden Group, RightSide Capital Management, Shell Foundation and Angel investors such as Greg Schroy and Michael Lazerow.
The current round brings the total funding raised by the mobility startup to $9 million.
The company plans to use the funding to expand to 10 cities across West Africa, scale its technology infrastructure, deploy mobile payments in partnership with Mastercard, introduce an electric fleet and deploy new vehicle categories, including 3-wheel tuk-tuks, as well as to scale its Operations and Engineering teams.
Led by Co-founder and CEO Adetayo Bamiduro, MAX.ng is a mobility platform that connects users to a network of vetted professional motorcycle-taxi drivers (known as MAX Champions) via mobile apps.
MAX.ng, which has a strong presence in South-West Nigeria, intends to grow its geographic footprint rapidly, adding customers across Nigeria, Ghana, and Ivory-Coast.
FinSMEs
24/06/2019