MAX raises Series B3 funding to $29 million for African EV expansion

Lagos-based electric mobility company MAX has increased its Series B3 funding round to $29 million following undisclosed financing from the U.S. climate fintech firm Nithio. This new investment adds approximately $5 million to a $24 million equity and debt round previously announced in January 2026.

MAX operates an integrated electric vehicle (EV) and battery-subscription platform for commercial drivers across 20 cities in Nigeria, Ghana, and Cameroon. The company’s model allows drivers to access vehicles through a subscription service, supported by solar-powered battery-swapping infrastructure, digital payments, and IoT fleet management tools.

According to company reports, MAX has deployed over $56 million in fleet financing and achieved profitability in Nigeria in early 2026. The company intends to use the new capital to expand vehicle financing, battery swapping, and clean transport services throughout West and Central Africa, with plans to enter nine additional African markets.