Foley Hoag Advises MAX.ng in $7M Financing Round
July 3, 2019
Foley Hoag LLP represented Nigerian motorcycle transit startup MAX.ng in its $7 million funding round led by Novastar Ventures. MAX intends to use the funds to invest in technology capabilities, expand into 10 West African cities and purchase new vehicles. The company will also use its new funding for EV development, piloting electric motorcycles in partnership with EV manufacturers and working with grid operators across Nigeria to deploy charging stations.
Lagos-based MAX was co-founded in 2015 by MIT Sloan alumni Adetayo Bamiduro and Chinedu Azodoh. The company’s app-based platform coordinates motorcycle taxi and delivery services for individuals and businesses. It is one of the largest delivery partners in West Africa for Jumia, a pan-African e-commerce platform that recently listed on the NYSE.
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