MAX Raises Series B3 to $29 Million as Nithio Backs Nigerian E-Mobility

Nigerian e-mobility startup MAX has raised a Series B3 round that lifts its total Series B funding to $29 million, with impact investment firm Nithio among the backers, Tech In Africa reports.

The deal extends a funding round that began years earlier rather than opening a new one. A B3 extension signals existing and new investors put fresh capital into a vehicle they had already committed to — in this case, pushing the cumulative Series B figure to $29 million.

Who is MAX?

MAX operates in Nigeria's e-mobility sector, a market where electric transport faces a basic constraint: unreliable grid power. Startups in this space typically build vehicle financing and battery infrastructure alongside the vehicles themselves, because neither riders nor drivers can assume charging access.

What does the Nithio funding signal?

Nithio's participation matters beyond the headline number. The firm focuses on energy investment in Africa, and its backing of an e-mobility company ties MAX's prospects to the continent's electrification push — a linkage investors are watching closely across the region.

Neither company has publicly disclosed the size of Nithio's individual cheque, the round's valuation, or the identities of any co-investors in the B3 tranche. Those gaps matter: a $29 million cumulative figure does not reveal how much new money arrived in this specific close, or on what terms.

Why staged rounds are common in African tech

Serial extensions — B1, B2, B3 — have become a fixture of African venture funding as global capital tightened. Startups raise tranches when investors are ready rather than waiting to assemble a single large round. For MAX, the structure suggests continued investor appetite, but also that the company raised in pieces rather than commanding one oversized close.

What comes next

MAX has not detailed how it will deploy the new capital, nor released operating metrics such as fleet size, revenue, or unit economics. Until it does, the $29 million figure stands as the clearest fact in the story — proof of investor patience, but not yet of profitability.