Africa Roundup: Yamaha backs MAX, Founders Factory and Norrsken support startups, inside Ethiopia’s tech scene
By Jake Bright
Competition in Africa’s two-wheel ride-hail market is accelerating. Nigerian motorcycle transit startup MAX.ng was the latest startup to add funding, raising a $7 million funding round in June with participation of Japanese manufacturer Yamaha.
Based in Lagos, the company’s app-based platform coordinates motorcycle taxi and delivery services for individuals and businesses.
With the Series A funding MAX intends to invest in its tech infrastructure, expand to 10 cities and add new vehicle classes — including watercraft and three-wheeled tuk tuk taxis. The company will also use its new funding to pilot e-motorcycles in Africa powered by renewable energy, CFO Guy-Bertrand Njoya told TechCrunch.
MAX.ng’s moves come after competitor Gokada (also based in Lagos) raised a $5.3 million round in May and announced it would expand in East Africa. Uganda-based motorcycle ride-hail company SafeBoda expanded into Kenya in 2018 and recently raised a Series B round.
Source: Tech Crunch