Nigerian Mobility Platform Raises $7M, Plans Expansion Into 10 New West African Cities

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Written by Peter Pedroncelli
Nigerian mobility platform
Nigerian mobility startup Max.ng has raised funding for expansion. Photo – Max.ng

Max.ng, a Nigerian motorcycle transportation and delivery app, has raised
$7 million to expand into Ghana and Ivory Coast.

The $7 million investment was led by Novastar Ventures, a Nairobi venture catalyst firm that provides seed and growth funding to African entrepreneurs, according to a press release.

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

Max.ng has become one of the largest delivery partners in West Africa for  Jumia, a New York Stock Exchange-listed e-commerce firm, according to Ventureburn.

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.

https://twitter.com/maxdotng/status/1146806403815882752

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.

Rise Capital, a Silicon Valley investment firm that backs internet-enabled businesses in emerging markets, led a $5.3 million Series A investment in Lagos-based Gokada, according to CNBCAfrica.