African startup Metro Africa Xpress (MAX) has raised USD 24 million in equity and debt financing to accelerate the rollout of electric mobility and electric transport across West and Central Africa. Having reached profitability in Nigeria, the company aims to build a sustainable urban mobility and transport in Africa model, at a time when the continent is undergoing rapid urbanization and an accelerating energy transition.
A Strategic Funding Round to Strengthen Mobility in West and Central Africa
MAX secured this financing from leading investors including Equitane DMCC, Novastar, and Endeavor Catalyst, complemented by asset-backed debt provided by the Energy Entrepreneurs Growth Fund and other development finance partners.
This funding round marks a key milestone in the company’s growth trajectory, as MAX prepares to expand beyond Nigeria—its core market—into multiple countries across West and Central Africa. In these regions, population growth and rising urban travel demand are placing increasing pressure on urban transport systems in Africa, creating strong demand for scalable and affordable electric mobility solutions.
Electric Mobility: An Integrated Model Serving Urban Transport
MAX plans to allocate the new capital to several strategic priorities:
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expanding its electric vehicle fleet,
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deploying battery-swapping and clean energy infrastructure,
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strengthening digital fleet management and IoT systems,
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accelerating regional expansion.
The company aims to support 250,000 drivers by 2027 and to exceed USD 150 million in annual recurring revenue. This positioning places MAX among the most influential players shaping mobility trends in Africa toward 2026, particularly in two- and three-wheel electric transport, which plays a critical role in daily urban mobility across African cities.
Profitability in Nigeria Sends a Strong Signal for Electric Transport
Unlike many startups in the sector, MAX reports confirmed profitability in Nigeria, one of West Africa’s largest transport markets. Following a strategic pivot in 2024—including the exit from underperforming business lines and significant cost reductions—the company refocused on financing electric mobility for commercial drivers.
This model is built on:
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asset-backed financing,
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data-driven fleet optimization,
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disciplined financial management focused on long-term sustainability.
This approach enhances the economic viability of electric transport in Africa, particularly in markets affected by fuel price volatility.
Local Assembly and Adaptation to African Transport Conditions
Founded in 2015, MAX operates an electric vehicle assembly plant in Ibadan, Nigeria, with a production capacity of 3,600 vehicles per month. The company works with international OEMs and equipment manufacturers such as Yamaha, Hero, and Spiro, while adapting vehicles to the operational realities of African urban transport.
Local assembly enables MAX to:
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reduce dependence on imports,
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better control production costs,
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tailor vehicles to local road and climate conditions,
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improve access to electric mobility solutions for drivers.
This industrial strategy supports the long-term scaling of electric transport across Africa.
Electric Mobility Moves Toward Scale Across the Continent
With nearly 20,000 electric vehicles already operating in Nigeria and annual sector growth estimated at 30.6%, electric mobility in Africa is moving beyond the pilot phase. Declining battery costs, combined with persistent fuel price volatility, are strengthening the economic case for two- and three-wheel electric vehicles in urban and commercial use.
In this context, MAX positions itself as an integrated mobility platform, combining financing, energy infrastructure, data, and local assembly to support cleaner, more reliable, and more accessible urban transport.
MAX as a Structuring Force in Africa’s Electric Mobility Ecosystem
MAX’s fundraising highlights the growing maturity of Africa’s electric mobility ecosystem and its expanding role in transforming transport in Africa. By combining profitability, technological innovation, and local integration, the company contributes to the development of sustainable urban mobility, aligned with the continent’s economic and environmental priorities.
For policymakers, investors, and transport stakeholders, MAX represents a credible pathway toward cleaner, more efficient, and Africa-adapted electric transport solutions.
