In January, MAX, our portfolio company achieved profitability in Nigeria and closed a $24 million financing round combining equity and debt. The company intends to expand its electric mobility financing operations across West and Central Africa.
Profitability and growth capital in the same quarter is unusual in this market. This indicates that MAX has figured out unit economics in a business model that many predicted would not work. The company spent years building infrastructure for financing, fleet operations, technology, and energy management. That groundwork is now producing results.
Electric mobility in African cities is not a simple substitution problem. It requires new financing models, new supply chains, and new operational capabilities. MAX has been building all three. This milestone shows that the approach is working, and we are proud to support this next phase of growth.