Nigerian Mobility Platform Raises $7M, Plans Expansion Into 10 New West African Cities
Max.ng, a Nigerian motorcycle transportation and delivery app, has raised
$7 million to expand into Ghana and Ivory Coast.
Other investors participating in the funding include Japanese motorcycle hardware manufacturer Yamaha, Paris-based investor-led energy fund Breakthrough Energy Ventures, Africa-based investment firm Zrosk Investment Management, and Dutch impact investor Goodwell Investments.
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This round of funding brings Max.ng’s total fundraising to date to $8.1 million, according to CrunchBase.
The Lagos-based company was founded in 2015 by CEO Adetayo Bamiduro and chief growth officer Chinedu Azodoh. They met in the U.S. when they attended the MIT Sloan School of Management in Massachusetts together before deciding to launch their startup.
Max.ng originally operated as a delivery service before adding an on-demand motorcycle-taxi hailing platform to its offering in 2017 when the demand in Nigeria became clear, Weetracker reports.
In Nigeria, motorcycle taxis are known as “okadas”. This is why Max.ng is sometimes referred to as Max Okada.
A Nigerian mobility platform with ambitions to expand regionally
The Nigerian mobility platform expects to use the Series A funding to expand in West Africa, targetting 10 new cities in Nigeria, Ghana and Ivory Coast, TechCrunch reports.
The motorcycle-hailing market in Nigeria has been buzzing with activity. Uganda’s SafeBoda announced plans for an expansion into the West African market while Nigerian firm Gokada raised a funding round in May, Crunchbase reported.