Nigerian E-Mobility Startup MAX Raises USD 29 M In Series B3 Funding With Nithio Investment

MAX, a Nigerian electric mobility company headquartered in Lagos, has secured an undisclosed investment from US climate fintech Nithio, extending its Series B3 funding round to USD 29 M.

Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX provides electric vehicles to commercial transport operators through a subscription model that combines vehicle financing, battery-swapping infrastructure, digital payments and fleet management technology.

The funding will support the company’s expansion of clean mobility solutions across West and Central Africa. MAX operates in 20 cities across Nigeria, Ghana and Cameroon, and says it has served more than 60,000 commercial transport operators, facilitated over one billion trips and helped avoid an estimated 238,000 tonnes of greenhouse gas emissions.

The latest investment follows a USD 24 M funding round in January 2026 and comes as MAX targets 250,000 drivers and more than USD 150 M in annual recurring revenue by 2027.