MAX Extends Series B3 to $29 Million With Nithio Backing for E-Mobility Expansion
Nigerian electric-mobility startup MAX has extended its Series B3 funding round to $29 million, with climate fintech Nithio joining as a backer. The capital is intended to fund EV financing, battery-swap infrastructure and solar charging expansion across multiple African markets, with MAX reporting it has reached profitability.
MAX: profitability is the number that changes the conversation
Most African e-mobility companies are still burning through investor money to prove their model works. MAX says it has already crossed into profit — and that claim, if it holds, reframes what this round actually is.
This isn't distress funding or a bet on a future that might arrive. It's expansion capital for something that already pays its own way.
The detail that earns that reading: MAX reports its solar-powered swap stations deliver energy at half the cost of Nigeria's grid Band A tariff, and drivers cutting fuel and maintenance bills by more than 40% aren't switching back. That's the kind of economics that makes a subscription model stick.
For anyone watching Africa's e-mobility space, the question stops being 'can this work?' and starts being 'how fast can it spread?'
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- Nithio backs MAX as $29 million funding round accelerates electric mobility expansion across Africa · techtrendske.co.ke · T2