(Ecofin Agency) - Nigeria’s bike-hailing company Max.ng raised up to $7 million to finance its expansion in 10 cities in West Africa. The company also plans to strengthen staff and develop a tricycle transport and delivery service in the coming years.
According to co-founder Adetayo Bamiduro, the company is building a technological infrastructure to make mobility safe, affordable and accessible to 1 billion Africans. He said focus is not on creating mobile applications but rather on creating a technological and operational infrastructure in West Africa.
This new financial contribution brings the total funds raised by Max.ng to $8.5 million. Monies were provided by a group of international and African investors. These include the Nigerian venture capital firm Novastar Ventures, the Japanese motorcycle equipment manufacturer Yamaha Motor Co. Ltd, the investment fund Breakthrough Energy Ventures, and Goodwell Investments uMunthu.
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, Max.ng targets an $80 billion market in sub-Saharan Africa.