A Lagos EV Startup Says It Now Makes a Profit. Its Funding Round Just Hit $29 Million

Most Nigerian startup funding news lately has been grim. Startups here raised just $11.3 million in September, down 97% from August. So when a Lagos company says it is profitable at home and still pulling in fresh money, it is worth paying attention.

That company is MAX, the electric mobility startup that puts okada riders, keke drivers and other commercial operators on electric vehicles. This week it said US climate fintech Nithio has joined its Series B3 round, lifting the total to $29 million.

What happened

Nithio, a Washington-based climate fintech, put an undisclosed amount into MAX. The deal extends a round that started with a $24 million equity and debt raise MAX announced in January 2026.

This is Nithio's second bet on African e-mobility. Its first was a $7 million debt facility for Spiro, the electric motorcycle maker that is also one of MAX's vehicle partners.

MAX started in 2015 as a bike-hailing app founded by Adetayo Bamiduro and Chinedu Azodoh. It has since turned into something closer to a vehicle financing company. Drivers pay a daily fee with no upfront cost, and that fee bundles the vehicle, insurance, maintenance and training. Batteries are swapped at MAX stations instead of charged at home.

The key numbers

$29 million: total size of the Series B3 round so far.

$56 million+: fleet financing MAX says it has deployed, with $44 million already repaid.

60,000+: commercial transport operators it says it has served.

20 cities: across Nigeria, Ghana and Cameroon.

1 billion+: trips it claims to have facilitated.

2027 goal: 250,000 drivers and more than $150 million in annual recurring revenue.

The repayment figure is the one investors care about most. Lending vehicles to informal transport workers is risky, and a $44 million track record of repayments is the strongest evidence MAX has that the model works. The company says its Nigerian business became profitable in January this year.

Why this round stands out

Investors have grown picky about Nigerian startups, backing fewer companies with bigger cheques. MAX fits what they now want: real revenue, assets that can be repossessed, and a debt-friendly business. Notice that the new money came from a fintech that specialises in asset financing, not a classic venture fund chasing hypergrowth.

What this means for Nigerians

If you ride an okada or drive a keke for a living, the pitch is simple: get a vehicle with no deposit and pay daily, instead of saving for years or renting from an owner who takes a big cut. With petrol prices still a daily pain, a vehicle that runs on swapped batteries is a direct hit on one of a driver's biggest costs. More capital for MAX should mean more vehicles and more swap stations in the 20 cities it already serves. For founders, it is a reminder that profitable, asset-backed businesses can still raise money in a tough market.

What to watch next

Going from 60,000 to 250,000 drivers in about a year is a big jump. Watch whether MAX opens new swap stations quickly enough, whether repayment rates hold as it lends to more drivers, and whether its expansion beyond Nigeria stays profitable. Also watch how state governments handle okada and keke rules, since bans in some cities can wipe out demand overnight.

Sources: Condia, WeeTracker, Startup Researcher, FollowICT, Nairametrics