MAX Advances African Mobility, Zone Unveils ZonePOS, Pezesha Wins US DFC Grant, and More!

We are proud to celebrate the continued success of our portfolio company, MAX. Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX has carved out a unique space for itself in the African mobility sector. They have achieved this by demonstrating a deep understanding of the market and a relentless focus on social impact, even as established tech giants like Opay have pivoted away from the challenges of the transport sector to focus on fintech.

MAX's core mission lies in tackling the deeply rooted challenge of limited access to reliable and affordable transportation across Africa. They achieve this by offering innovative vehicle subscription plans, including a growing selection of electric vehicles. This disrupts the traditional model of car ownership, empowering drivers and unlocking new economic opportunities.

Several key factors solidified our investment in MAX:

1) Financial Inclusion: MAX's flexible subscription plans open the door to car ownership for a wider demographic, fostering financial inclusion across the continent.

2) Sustainability Champion: The company's dedication to electric vehicles promotes cleaner air and combats climate change, a commitment underscored by their impressive reduction of over 355,000 metric tons of CO2 emissions.

3) Empowering Entrepreneurs: MAX equips drivers with the tools and resources they need to become successful independent business owners. This is reflected in their impressive network of over 44,000 empowered "Champions."

Diverse Product Offerings for Diverse Needs

MAX caters to a wide range of users by offering a comprehensive suite of mobility solutions. This includes MAX Mobility Enterprise, which provides vehicle subscriptions, rentals, and outright sales to suit various needs and budgets. Additionally, their Mobility as a Service (MaaS) offering allows MAX to tailor solutions to enterprise clients like Bolt, GOkada, and Jumia, optimizing their transportation requirements.

MAX: A Collaborative Force for Good

MAX's impact extends far beyond its core offerings. The company has fostered a spirit of collaboration through partnerships established in 2024 alone:

1) Partnered with the Lagos State Government (LASG)

Donated low-emission mobility bikes to LASRRA (Lagos State Residents Registration Agency)

2) Partnered with Kofa to finance electric motorcycles in Ghana

3) Partnered with Spiro Forge to drive innovation in Electric Mobility

4) Partnered with the Anambra State Government to empower tricycle operators

Measurable Success and a Bright Future

MAX's achievements speak for themselves. As of 2024, they boast an impressive track record:

- 465 Million+ Trips Facilitated

- Operating in Over 16 African Cities

- Empowered Over 44,000 Champions

- 2.3 Billion+ Kilometers Covered, Promoting Cleaner Transportation

- Over 355,000 Metric Tons of CO2 Emissions Saved

MAX empowers drivers, increasing their earnings by 65% and enabling them to reach $15 per day upon vehicle ownership.

Looking ahead, MAX is positioned for continued growth with a robust track record, a growing network of partnerships, and the unwavering support of Greenhouse Capital. Their innovative approach is sure to make significant strides in African mobility, paving the way for a more connected, empowered, and sustainable future across the continent. Listen to Our partner Surabhi (Ruby) Nimkar using Max as an amazing example

MVP is Over. You Need to Think About MVE.

This piece by Pete Sena argues that most startups fail because they focus on building a product based on assumptions instead of validating their ideas with potential customers. Sena proposes a different approach: Minimum Viable Experience (MVE) which emphasizes understanding your target audience and creating a core experience that addresses their needs. He recommends using the ACT (Audience, Communication, Touchpoints) framework to identify your target audience and craft messaging that resonates with them. He illustrates this concept with the story of Webflow, a successful no-code design platform. Webflow started with a simple sign-up form that resonated with their target audience and quickly gained traction. The article emphasizes that success is about creating a valuable user experience and continuously adapting based on customer feedback. (Full article by Pete Sena).

Science of Trade conference

At the Science of Trade conference sponsored by Venture Garden Foundation , the United States consulate general Lagos, and American Business Council Nigeria in Lagos, Bunmi Akinyemiju delves into the transformative impact of talent, capital, and technology on Africa. Enjoy this insightful snippet from his speech here.

ICYMI

• Venture Studio 101 by Jesse Pujj
• Exploring African Startups Exit Paths & Strategies : How VCs Can Best Support Startups to Success

Zone

We're thrilled to celebrate Zone's launch of ZonePOS, their innovative POS payment gateway. ZonePOS boasts instant settlements, zero chargebacks, and direct card routing for a secure, reliable, and frictionless payment experience.

Pezesha

Pezesha , one of our digital financial enabler for small and medium-sized enterprises (SMEs) within our ecosystem, was awarded a $500,000 Technical Assistance grant from the U.S. government's development finance corporation (DFC). This grant will enable Pezesha to enhance its credit scoring algorithms using advanced computing technologies, thereby improving financial inclusion for Kenyan SMEs.

The DFC also provided a $250 million funding package to four other Kenyan companies alongside Pezesha: M-KOPA , BasiGo , Mogo Auto Service , and Roam Electric . This investment aims to improve digital connectivity and e-mobility in Kenya.

Lipalater

We're bursting with pride! Our portfolio company, Lipa Later Group, has been crowned Most Inspiring Fintech in BNPL at the Africa Bank 4.0 Awards (Pan Africa)! This recognition is a testament to Lipa Later's dedication to providing innovative Buy Now, Pay Later solutions that empower users across Africa.

Wirepay

Our portfolio company, Wirepay, now offers secure USD virtual cards for a one-time fee of $2. Shop online with confidence - Wirepay works anywhere, anytime.