Startups Profile

Max: Story, Founders, Investors & Funding Rounds

Max: Story, Founders, Investors & Funding Rounds

Their journey started in 2015, but thanks to the good things they’ve done, millions of people around the world are still writing it today. They have used technology for more than five years to improve Africa’s infrastructure for transportation, financial services, and electric vehicles (EVs).

Max is about to bring the fragmented African mobility market together, standardize it, and give it legitimacy because they use things like cheap loans and insurance, a mobile market, and relationships with driver communities and governments to keep drivers and customers coming back.

They also help drivers earn an average of $12 per day, which is 65% more than their peers in the informal sector, by giving them access to their digital transport platform and low-cost car financing and services. Once they own their car outright, this number goes up to $15.

Max is leading the way for electric cars, charging infrastructure, and batteries to become more popular Among people who care about the environment and want the world to be more sustainable.

How it Works

Not only does Max want to fix transportation problems in Africa, but they also want to heal the world and make everyone’s lives better by reducing the amount of carbon dioxide (CO2) that is put into the air. 

To do this, they are putting the first generation of electric cars that are good for the environment and work well in the African market.

Their work to improve the informal transportation industry has led to higher incomes, more financial inclusion, better access to quality cars, training, support services, insurance, health care, emergency response, and other value-added services.

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Max was the first to use renewable energy for transportation in Africa, and they were also the first to use the continent’s growing need for energy to move around as a resource.

Their single, unified platform fills Africa’s huge infrastructure and service gaps by:

  • The connections between drivers, cars, EVs, services, users, businesses, and regulatory technologies.
  • Putting drivers on the path to financial success and job security.
  • Making it easier for users to get safe, reliable transportation.

Founders

Adetayo Bamiduro

MAX’s CEO is Tayo Adetayo. He leads the team in the right direction, figures out what the company’s long-term goals are, and is in charge of making and keeping strategic alliances.

Adetayo, who got his degree in computer science from the University of Ibadan, made one of the country’s first mobility platforms. 

After he graduated, he worked as a Software Engineer, Product Manager, and Management Consultant for well-known companies like the UAC Group, PwC, NLNG (a Shell subsidiary), Konga.com, and Dalberg, among others.

In its first year, Adetayo’s Production Optimization Platform did so well that the company made $100 million. 

Adetayo got his MBA from the MIT Sloan School and the London Business School. He went there from 2013 to 2015.

Together with Chinedu Azodoh, they set up the MIT Alternative Reality Experiment (MAX).

Chinedu Azodoh

Chinedu started MAX to change the way people move around in Africa. He did this because he believes that entrepreneurship is the key to change in Africa.

MAX has made the first electric motorbike of its kind for developing countries. It is a reliable, low-cost, and easy-to-use way for people to get around.

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Chinedu, who is in charge of this growth, is thinking about what the government can do to boost the economy. He hopes to use his knowledge to help make policies that will help start-ups and independent entrepreneurs.

Guy-Bertrand Njoya

As the head of MAX’s Finance department, Guy-Bertrand is in charge of the company’s entire financial management, from budgeting and forecasting to accounting and reporting, treasury and cash management, capital raising, and asset allocation.

Guy-Bertrand has worked in investment banking, financial counseling, mergers and acquisitions, structured finance, and strategy consulting for close to fifteen years now. 

Before he joined MAX, he was the Chief Financial Officer of Terragon Group, a pan-African company that makes data and marketing technology. He set up the company’s Series A equity transaction and finished the purchase of an Indian R&D supplier.

Guy-Bertrand made his name in investment banking and business consulting. He started his career at Credit Mutuel-CIC and Natixis, both of which were based in Paris, France. 

He then moved to Standard Chartered in his home country of Cameroon and then to London, where he advised on many merger and acquisition (M&A), capital markets, project finance, leveraged and acquisition finance (L&A), and other deals in Africa’s telecom, energy, financial services, consumer goods, and other industries. 

From 2013 to 2015, he worked as a corporate finance consultant for PwC in Lagos, Nigeria. After that, he quit and started his own business to help fast-growing companies in Africa deal with the problems that come with growing quickly.

Guy-main Bertrand’s field of study at the University of Douala was Mechanical Engineering. 

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He is now a student in the Executive MBA program at Columbia University and London Business School.

Investors & Funding Rounds

Novastar Ventures, Yamaha Motor, Breakthrough Energy Ventures, Zrosk Investment Management, and Goodwell Investments.

MAX was able to get the money it needed in a $7 million investment round led by Novastar Ventures and in which the Japanese company Yamaha also took part.

Series A funding is worth $6 million, and the awards are worth $1 million.

The $7 million round brings MAX’s total funding to $9 million. In addition to Novastar Ventures and Yamaha, Breakthrough Energy Ventures, Zrosk Investment Management, and Alitheia Capital all took part.

Main Competitors

The Freightos Group: It makes international trade easier with the world’s largest online freight market and powerful tools for digitizing freight.

Convoy: This is a digital freight network that transfers truckloads and works to solve problems in the supply chain.

Paps: It is a top logistics and delivery company that helps businesses and retailers all over the world with supply chain management and logistics services.

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