Aluko & Oyebode advised Goodwell Investments, via its West Africa partner, Alitheia Capital, on its investment in MAX.ng, the pioneer app-based motorcycle hailing in West Africa.
Under the investment round, MAX.ng has raised about $7.5 million from a group of investors including NovaStar Ventures, Yamaha, world-leading Japanese motorcycle and marine hardware manufacturer, Bill Gates-backed Breakthrough Energy Ventures, Africa-based Zrosk Investment Management and Goodwell Investments’ uMunthu Fund.
This funding is in line with uMunthu’s focus on investment in agribusiness, financial inclusion and other inclusive growth sectors in the digital economic space.
According to Mobola Onibonoje, Head of the uMunthu West Africa investment team, “MAX is at the intersection of mobility and financial inclusion – two important priorities for the uMunthu Fund. We are glad to be supporting MAX.ng and believe in its mission to address the mobility challenge in major cities across Africa, while also empowering everyday citizens”.
The Aluko & Oyebode team on the transaction was led by Private Equity/Venture Capital Partner, Ayodeji Oyetunde, who was assisted by Senior Associate, Unekuojo Idachaba, and Associate, Abisola Akinyemi.