Goodwell Investments, through the uMunthu Fund, has acquired a stake in MAX.ng, enhancing its strategy to address mobility challenges in West Africa.
Information on the Target
MAX.ng is a pioneering mobility platform in West Africa that has revolutionized motorcycle transportation by connecting users with professional motorcycle-taxi drivers, referred to as MAX Champions, through a mobile application. Founded by Adetayo Bamiduro, MAX.ng seeks to address the critical issues of mobility by building technological, operational, and financial infrastructures necessary for safe and affordable transportation across the region.
Since its inception, MAX.ng has gained significant traction, completing over 1,000,000 trips and establishing itself as one of Jumia's largest delivery partners in West Africa. In 2018, the platform witnessed an impressive 17-fold increase in rides, tapping into a vast $80 billion market opportunity across Sub-Saharan Africa.
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Industry Overview in Nigeria
The mobility industry in Nigeria has experienced rapid growth over the last few years, largely driven by the increasing urbanization and population growth in major cities. With a rising demand for efficient transportation solutions, ride-hailing se
Similar Deals
Goodwell Investments
invested in
MAX.ng
in 2018
in a Series A deal
Disclosed details
Transaction Size: $8M