** For the best experience, download the free Africa Private Equity News app Android | iOS **
Nithio, a fintech investor focused on clean energy businesses, has provided financing to Nigerian e-mobility platform MAX, extending its Series B3 funding round to $29 million.
The amount invested by Nithio was not disclosed.
Founded in 2015 and headquartered in Lagos, Nigeria, MAX is an integrated electric vehicle and battery subscription platform. MAX combines vehicle and battery partnerships, solar-powered charging and battery-swapping infrastructure, IoT-enabled fleet management, digital payments and financing on a single platform. Through a daily subscription model with no upfront cost, commercial transport operators can access vehicles alongside insurance, maintenance, training and other support services.
MAX operates across 20 cities in West and Central Africa.
“MAX is building a scalable platform for cleaner and more affordable mobility across Africa. Its ability to combine technology, financing and operational expertise is helping transport operators access productive assets while improving the economics of their businesses. We see a strong alignment between MAX’s commercial model and the climate and financial inclusion outcomes it can deliver, and we are pleased to support the company as it enters its next phase of growth,” said Raghav Sachdeva, chief investment officer at Nithio.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the Dealmaker’s Log here