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Metro Africa Xpress Inc.
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The African startup economy is growing faster than the global economy. Last year, various African startups celebrated wins displayed in dollar signs. There was a slew of high-performing investment rounds which included uLesson ($15M), Metro Africa Xpress Inc. ($31M), and MFS Africa ($100M). We could certainly go on but those numbers are proof that African startups are growing at a rate we have not seen before. According to a LinkedIn posting by Founders Factory Africa’s Accelerator Lead Nicole Dunn, it was said that African startups raised $1 million every two hours in 2021 with a total of $4.9 billion invested in African startups. Now more than ever, investments are soaring in Africa. Here is why.
Metro Africa Xpress Inc. (MAX) plans to improve Africa’s transportation sector after securing $31 million in a Series B funding round. TechCrunch reports, the seed round was co-led by global private equity platform, Lightrock, and international venture capital firm, Global Ventures. Novastar Ventures and Proparco also participated in the round. The mobile tech startup launched in 2015, initially to complete customers’ orders. As the startup developed, it incorporated ride-hail services, vehicle subscriptions, and financing services. Three years after MAX’s inception, vehicle financing became an available service and CFO Guy-Bertrand Njoya revealed the company’s attrition rate is now “close to zero,” the outlet also revealed. “We spent time understanding drivers’ operations and it became apparent to us that most of them don’t own the vehicles they use,” said Njoya, according to TechCrunch. “It became clear that the fundamental issue that drivers face is consistent access to vehicles....