MAX Zooms With $24M For African Electric Mobility

🏍️ Meet MAX

• MAX is an African mobility startup that offers electric vehicle financing and battery subscription services for drivers.

• They’ve just raised $24M in a mix of equity and asset-backed debt to put more EVs on the road.

• Investor check. Equitane DMCC, Novastar, and Endeavor Catalyst led the equity portion, while the Energy Entrepreneurs Growth Fund provided the debt.

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🔋 Cutting Costs

• Commercial drivers in Africa are struggling with high fuel prices and the expensive upfront costs of switching to cleaner vehicles.

• Switching to electric helps these drivers keep more of their daily earnings while cutting down on city pollution.

• To keep things moving, MAX built a solar-powered battery-swapping network so drivers don’t have to deal with long charging times.

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⚙️ The Tech Behind It

• The company handles everything from local vehicle assembly to proprietary IoT tech that tracks every bike in the fleet.

• This data helps them monitor vehicle health and ensure high repayment rates on their financing.

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🚀 Big Goals

• The fresh capital will be used to grow their EV fleet and build more swapping stations across West and Central Africa.

• By 2027, they’re aiming to support 250,000 drivers across the continent. They are also on track to hit $150M in annual recurring revenue as they scale into new markets.