Nithio backs MAX, lifting Nigerian EV startup's Series B extension to $29M
What's the deal? US climate fintech Nithio has invested in Nigerian electric mobility company MAX, extending its Series B3 round to $29 million. The round backs MAX's push to expand clean, affordable mobility across West and Central Africa. The size of Nithio's individual contribution was not disclosed.
What does MAX do? Founded in 2015 and based in Lagos, MAX runs what it calls Africa's first integrated electric vehicle and battery subscription platform. It bundles vehicle and battery partnerships, solar-powered charging and swapping, fleet management, and financing into a single system.
The model. MAX's platform centres on "MAX Champions" — commercial transport operators who pay a daily subscription with no upfront cost to access income-generating EVs. The company says it has signed more than 60,000 Champions and facilitated over 1 billion trips.
The numbers. MAX reported in January 2026 that it had reached profitability in Nigeria, its largest market, after deploying more than $56 million in fleet financing and repaying $44 million to date. "Profitability in Nigeria proves that electric mobility in Africa is not a future concept," said co-founder and chief executive officer Adetayo Bamiduro.
By the scale. MAX operates in 20 cities across Nigeria, Ghana, and Cameroon, with pipelines covering nine more markets. Its Ibadan assembly plant can produce up to 3,600 vehicles a month, and its energy network spans 288 battery cabinets across 143 swap locations, powered partly by 1MWp of solar capacity.
Why Nithio? For the Washington-based platform, which has mostly backed clean energy companies, MAX marks a push into electric mobility. Its risk engine uses repayment data, geospatial data, and AI to assess credit in markets where traditional credit histories are scarce.
Not its first ride. In February 2026, Nithio provided a $7 million debt facility to Kenyan electric motorcycle company Spiro, part of a broader $50 million round that also included AfreximbankDealroom has a profile for this one. Try Dealroom → and the Africa Go Green FundDealroom has a profile for this one. Try Dealroom →.
The signal: "We see a strong alignment between MAX's commercial model and the climate and financial inclusion outcomes it can deliver," said Raghav Sachdeva, Nithio's chief investment officer. With MAX citing solar energy costs 50% below Nigeria's priciest grid tariff, the deal reflects growing investor interest in African e-mobility that pairs climate goals with proven unit economics.
Read more: launchbaseafrica.com
Image credit: Generated with Gemini
