Key Takeaways
- • Nithio, a climate and clean-energy fintech investor, provided financing to Lagos-based e-mobility platform MAX, extending its Series B3 round to $29 million according to Africa Private Equity News.
- • The amount Nithio invested was not disclosed, so its individual ticket size cannot be determined from available reporting.
- • MAX, founded in 2015, operates an integrated EV and battery subscription platform across 20 cities in West and Central Africa, offering daily subscriptions with no upfront cost to commercial transport operators.
- • Nithio's chief investment officer Raghav Sachdevaframed the investment around climate and financial inclusion outcomes and improved economics for transport operators.
Summary
Nithio, a fintech investor focused on clean energy businesses, has provided financing to Nigerian e-mobility platform MAX, extending the company's Series B3 funding round to $29 million, according to Africa Private Equity News. The amount Nithio invested was not disclosed. Publisher context describes Nithio as a US climate fintech, and reports on the broader round describe MAX, also known as Metro Africa Xpress, as having raised $24 million in a blended equity-and-debt round, indicating the $29 million figure reflects the extended round.
MAX was founded in 2015 and is headquartered in Lagos, Nigeria. The company describes itself as an integrated electric vehicle and battery subscription platform that combines vehicle and battery partnerships, solar-powered charging and battery-swapping infrastructure, IoT-enabled fleet management, digital payments and financing on a single platform. Under its daily subscription model, commercial transport operators can access vehicles alongside insurance, maintenance, training and other support services without upfront cost. MAX operates across 20 cities in West and Central Africa.
Raghav Sachdeva, chief investment officer at Nithio, said MAX is building a scalable platform for cleaner and more affordable mobility across Africa, and that its combination of technology, financing and operational expertise helps transport operators access productive assets while improving the economics of their businesses. He added that Nithio sees strong alignment between MAX's commercial model and the climate and financial inclusion outcomes it can deliver.
Publisher context indicates MAX is preparing a third capital raise to fund its expansion into a regional e-mobility player.
MAX was founded in 2015 and is headquartered in Lagos, Nigeria. The company describes itself as an integrated electric vehicle and battery subscription platform that combines vehicle and battery partnerships, solar-powered charging and battery-swapping infrastructure, IoT-enabled fleet management, digital payments and financing on a single platform. Under its daily subscription model, commercial transport operators can access vehicles alongside insurance, maintenance, training and other support services without upfront cost. MAX operates across 20 cities in West and Central Africa.
Raghav Sachdeva, chief investment officer at Nithio, said MAX is building a scalable platform for cleaner and more affordable mobility across Africa, and that its combination of technology, financing and operational expertise helps transport operators access productive assets while improving the economics of their businesses. He added that Nithio sees strong alignment between MAX's commercial model and the climate and financial inclusion outcomes it can deliver.
Publisher context indicates MAX is preparing a third capital raise to fund its expansion into a regional e-mobility player.
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