Rising fuel prices have made transportation increasingly expensive for commercial drivers across Africa. Nigerian electric mobility startup MAX is working to change that, securing fresh financing from US-based climate investment firm Nithio and bringing its Series B3 funding round to $29 million.

The investment, announced on October 12, 2026, will support MAX’s expansion across West and Central Africa. Although Nithio did not disclose its exact contribution, the funding strengthens MAX’s efforts to provide commercial drivers with affordable alternatives to petrol-powered motorcycles.

Founded in 2015 and headquartered in Lagos, MAX operates an electric mobility platform that combines electric motorcycles, battery-swapping stations, solar-powered charging infrastructure and vehicle financing. Through its subscription model, commercial drivers, known as MAX Champions, can access electric motorcycles without making upfront deposits. Instead, they make daily payments, reducing the financial burden of vehicle ownership.

MAX currently operates in 20 cities across Nigeria, Ghana and Cameroon. According to the company, it has supported over 60,000 commercial drivers, facilitated more than one billion trips and helped prevent approximately 238,000 tonnes of greenhouse gas emissions.

Its growing infrastructure includes 288 battery cabinets across 143 swapping locations, allowing drivers to exchange depleted batteries rather than wait for their motorcycles to recharge.

The latest investment follows a $24 million equity and debt financing round announced in January 2026, backed by investors including Novastar Ventures, Triple Jump and Endeavor Catalyst. Nithio also invested $7 million in electric motorcycle company Spiro earlier this year, reflecting its continued interest in Africa’s clean transportation sector.

MAX co-founder and CEO Adetayo Bamiduro believes the additional financing will help the company reach more drivers while expanding its clean energy infrastructure. MAX claims its electric motorcycles can reduce energy and maintenance expenses by over 40% compared with petrol-powered alternatives.

By 2027, the company aims to serve 250,000 commercial drivers and generate more than $150 million in annual recurring revenue.

At TheGreyIT, we believe Africa’s electric mobility transition will depend on solutions that address everyday transportation costs while making cleaner alternatives accessible. MAX’s latest funding shows how investment in technology and infrastructure could help reshape commercial transportation across the continent.