More Details Have Emerged About MAX.ng New Funding Round and its Big Plans For the Investment

There has been news making the rounds that Max.ng, Nigeria’s leading motorcycle startup has raised new funding. Innovation-village reported that the startup has raised millions of dollars in the new funding round.

Now, specifics about the funding round have emerged. Max.ng has raised a $7 million funding round led by Novastar Ventures, with the participation of Japanese manufacturer Yamaha, Breakthrough Energy Ventures, Zrosk Investment Management, and Alitheia Capital.

Six-million of the investment is in Series A capital followed by $1 million in grants and this takes MAX’s total funding to $9 million.

The startup will now expand to 10 cities in West Africa (starting in Ghana and Ivory Coast) and add new vehicle classes—including watercraft and three-wheeled tuk-tuk taxis.

And in what could be a first in Africa’s growing motorcycle ride-hail market, MAX will use its new funding for EV development. “We’re piloting electric motorcycles in partnership with EV manufacturers and working with grid operators across Nigeria to deploy charging stations,” Njoya said.

Co-founded in 2015 by MIT Sloan alumns Adetayo Bamiduro and Chinedu Azodoh, MAX has completed over 1 million trips and is one of the largest delivery partners in West Africa for Jumia—the e-commerce unicorn that recently listed on the NYSE.

“We want to work with good entrepreneurs in Africa to develop new business in Africa,” Shoji Shiraishi of Yamaha Motor Company’s New Venture Business Development Section said.

He added that Yamaha sells and manufactures motorcycles in Nigeria. “We really want to understand local needs for motorcycles and…to support [MAX] expanding their business,” he said.

Uber began offering a two-wheel transit option in East Africa in 2018, around the same time Bolt (previously Taxify) started motorcycle taxi service in Kenya.