Metro Africa Xpress, better known as MAX, just closed a $29 million Series B3 extension round, with climate-focused investors leading the charge. The Nigerian mobility financing startup has been quietly building one of the continent's most ambitious electric vehicle plays, and this latest funding signals that backers are ready to bet bigger on what MAX is doing on the ground.
The raise is structured as an extension of MAX's existing Series B, which means the company is deepening relationships with investors already in its corner rather than opening a brand new round. That kind of confidence from returning backers tends to say a lot about how a startup is actually performing behind the scenes.
MAX sits at the intersection of two conversations that are getting louder across Africa right now: the push toward cleaner transportation and the need for flexible financing that puts EVs within reach of everyday riders and drivers. The company's model targets the mobility workers who keep African cities moving, offering financing solutions designed around how those workers actually earn and spend.
With $29 million now added to its war chest, the question is where MAX plants its flag next. The continent is watching.
Originally published by BusinessDay.