Nigerian startup MAX.ng has raised $6 million from its Series A funding and $1 million in grants making it a total funding of $7 million dollars MAX.ng was founded in 2015 by Chinedu Azodoh and Adetayo Bamiduro, both alumni’s of MIT Sloan. MAX.ng is a motorcycle ride-hailing and delivery service startup based in Lagos.
This round of fundraising involved Novastar Ventures, Yamaha and Zrosk Investment management among others. Presently, Yamaha sells and makes motorcycles in Nigeria and the current fleet of MAX.ng mainly includes Bajaj’s Pulsar as well as Yamaha Crux Rev motorcycles.
Rumuor has it that Max.ng will be using this new round of funding to add electric motorcycles to its fleet, this will be in collaboration with power holding companies (I am guessing PHCN) to build charging stations across its area of operation. A first of its in Africa, and they plan on venturing into using renewable energy as fuel for its motorcycles.
MAX.ng plans to expand to other cities across Nigeria and also venture into ten new markets across West Africa
Meanwhile, motorcycle ride-hailing apps such as Gokada, MAX.ng, ORide (Owned by Opera), Safeboda, Uber and Bolt has a lot of players expanding in West and East Africa lately.
This a welcome development, although I am too scared to try one.