Equitane, Novastar, Triple Jump back MAX’s $24m raise for African EV scale-up

Equitane DMCC, Novastar Ventures and Triple Jump backed MAX’s $24 million funding raise, providing fresh equity and climate-focused debt to support the company’s push to scale electric mobility and clean energy infrastructure across Africa.

MAX, Africa’s first integrated Electric Vehicle (EV) and battery subscription platform, said the funding will be used to expand its EV fleet, roll out more solar-powered battery-swapping stations, deepen its proprietary IoT and fleet management systems, and finance expansion across West and Central Africa. The round also attracted participation from Endeavor Catalyst and other global investors, alongside asset-backed financing from the Energy Entrepreneurs Growth Fund (EEGF) managed by Triple Jump.

The raise comes as MAX has reached profitability in Nigeria, its largest and most complex market, validating its pay-as-you-go, asset-backed growth model. The company said it has deployed over $56 million in fleet financing and has repaid $44 million to date, highlighting strong credit performance and disciplined balance sheet management.

“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today. This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact,” said Adetayo Bamiduro, co-founder and chief executive officer of MAX.

MAX operates a fully integrated electric mobility ecosystem, combining vehicle design and local assembly, battery systems, charging and battery-swapping infrastructure, IoT, payments and financing into a single platform. Through daily subscription models with zero upfront costs, the company enables commercial drivers to access income-generating EVs while reducing operating costs compared with internal combustion engine alternatives.

For enterprise customers, MAX provides rental and mobility-as-a-service solutions that remove fleet ownership and operational complexity, allowing businesses to outsource transport needs while lowering emissions and costs.

The company currently operates in 20 cities across three countries and has expansion pipelines covering nine additional African markets. MAX said it is on track to support 250,000 drivers by 2027, with at least half of all new vehicle subscriptions expected to be electric.

Local EV and battery assembly remains central to MAX’s strategy. Its assembly facility in Ibadan has the capacity to produce up to 3,600 vehicles per month, supporting both two- and three-wheel EVs and enabling faster order-to-delivery cycles. The company partners with global and regional original equipment manufacturers, including Yamaha, Hero and Spiro, to deliver vehicles designed for African operating conditions.

Investors said the round reflects confidence in MAX’s ability to combine commercial sustainability with measurable social and environmental impact. Anish Jain, group chief executive officer of Equitane DMCC, said the firm sees MAX as a strong addition to its Africa-focused portfolio, while Brian Odhiambo, partner at Novastar Ventures, said the company is demonstrating that clean mobility can scale profitably.

From the debt side, Triple Jump said the transaction aligns with its commitment to supporting high-quality partners delivering both commercial performance and climate-positive outcomes in emerging markets.

With declining battery costs, rising urbanisation and growing demand for on-demand transport, MAX said Africa is approaching an inflection point in mobility and energy. Backed by Equitane, Novastar and Triple Jump, the company is now targeting pan-African scale and more than $150 million in annual recurring revenue by 2027.

Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.

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