Metro Africa Xpress Inc. (MAX), the largest vehicle subscription platform for low-to-zero emission vehicles in Africa, has raised $31 million of new capital, in the first close of a series B funding round. Subsequent closes are 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 series B close follows MAX’s previous raising of over $40 million of institutional de...