Nigeria’s Metro Africa Xpress Raises USD 31 Mn Series B Funding Round

Metro Africa Xpress (MAX), a vehicle subscription platform for low-to-zero emission vehicles, has raised USD 31 Mn in the first close of a Series B funding round, with further closes expected in the next few weeks. The funding round was led by global private equity platform Lightrock, and UAE-based international venture capital firm Global Ventures.

The round also included participation from new investors, such as venture debt from Proparco, the French development finance institution, through its Digital Africa Bridge Fund. Existing investor Novastar Ventures also participated. The funding will enable the deployment of electric vehicles and charging infrastructure, and the provision of credit and financial products to over 100,000 drivers.

MAX’s platform leverages alternative data sets to power driver onboarding, the dynamic credit assessment, fleet optimization, digital payments, and advanced risk management. The startup’s technology is powered in partnerships with global OEMs such as Yamaha, ride-hailing platforms such as Bolt, financial services strategic partners, payment infrastructure providers, and clean energy providers.