Max.ng secures $7m funding, plans Ghana and Ivory Coast expansion

Max.ng secures $7m funding, plans Ghana and Ivory Coast expansion

Nigerian motorcycle taxi firm max.ng, is planning to launch in Ghana and Ivory Coast this year, as well as a fourth Nigerian city, the startup told Reuters.

According to its co-founder Adetayo Bamiduro, Max.ng’s expansion would be funded by a recent investment round that raised up to $7 million.

The startup is also aiming at an accumulated total of 2 million rides by the middle of 2020, up from 200,000 by May.

Max.ng’s early days were its debut as a Lagos motorbike delivery service in 2015. In 2017, it introduced an app for ride-hailing in addition to provision of credit facilities for would-be drivers to lease new bikes and pay for them over time.

“What we’ve done is to look at the market in Nigeria and across the region and say ‘what pieces are missing?’: financial infrastructure for mobility doesn’t exist, ride-hailing technology for two-wheeled and three-wheeled mobility doesn’t exist,” Bamiduro told Reuters.

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