Nigerian Bike hailing service, Max.ng successfully completed a $7million funding for the expansion of its market possibility into Ghana and Ivory Coast.
According to a report on TechCrunch, the brand, with this Series A funding, intends to invest in developing its tech infrastructure, expand to 10 cities and add new vehicle classes — including watercraft and three-wheeled tuk-tuk (Keke Napep) taxis.
Also, the company will also use its new funding to pilot e-motorcycles in Africa powered by renewable energy, CFO Guy-Bertrand Njoya.
The funding comes just a month after direct market rival GoKada also raised funds for market expansion to East Africa.
Bike hailing is certainly growing into becoming the norm as Ugandan-based bike hailing service SafeBoda also raised a series B round funding after a Series A funding in 2018.
Interestingly, Bolt formerly Taxify also entered into the bike hailing system with its launch of a bike hailing service in Kenya in 2018, which shows that the growth is of this market is very visible in Africa due to the road access it gives and the faster possible of beating traffic situation.