Nigerian startup Drive45 Mobility has secured a US$3 million debt facility from TLG capital to support the company’s next phase of growth.
Founded in 2021, Drive45 Mobility is transforming access to vehicle ownership through a flexible rent-to-own vehicle subscription model, enabling individuals and businesses to access vehicles with manageable payments and minimal upfront capital. Its offering combines vehicle financing with insurance, maintenance, tracking, documentation, and fleet management. The company operates more than 170 active vehicles and has recorded no payment defaults in five years of operation.
Drive45 has now secured a US$3 million senior debt facility with TLG Capital, a leading private credit firm operating across Sub-Saharan Africa. The investment strengthens Drive45’s balance sheet and positions the company for its next phase of growth as demand for mobility services continues to increase across the country.
The startup will now deploy more capital into fleet growth, broaden its customer base, and deepen its presence across Nigeria. In the coming years, it aims to increase its footprint to Port Harcourt, Abuja, Kano, Kaduna and other major business hubs across Nigeria.
The transaction combines TLG’s flexible private credit with a guarantee provided by Cascador, delivered in partnership with Morgan Stanley. Through this innovative partnership, high-growth African businesses like Drive45 can access the institutional capital suited to their growth. Cascador has delivered financial and non-financial resources to the company since Drive45 completed Cascador’s ScaleUp programme in 2024.
“Mobility access is a capital business, so having the right financial backing is everything. TLG has been a thoughtful partner from day one. They took the time to understand how our business works and structured their capital to fit the growth trajectory we know is possible. Ultimately, their money goes directly towards our plans to reach more businesses across Nigeria. Just as important has been Cascador. They believed in Drive45 from our earliest days, gave us the tools and network to become investment-ready, and have worked alongside us every step of the way to help structure this financing. We’re grateful to have them as long-term partners as we keep scaling,” said Oluwaseyi Adefemi, CEO of Drive45.
Isha Doshi, co-founder and partner at TLG Capital, said Drive45 was a prime example of disciplined capital deployment to meet a clear market need. “Oluwaseyi and his team have a very clear vision for what mobility can look like in Nigeria’s business community – and they have built a fantastic business around it. TLG is proud to support Drive45 in its expansion journey. This transaction also would not have been possible without Cascador. It’s easy to see how they’ve built an exceptional track record in Nigeria: they combine seasoned experience in the market with a relentless bias towards action. This is exactly the type of partner we look to grow with,” he said.
Trish Thomas, CEO of Cascador, said so many investors focus on getting capital out the door without thinking about setting companies up for long-term viability. “TLG is an exception: not only are they commercially-minded, but they have a unique drive to get things done with speed, imagination, and excellence. Funders looking for true economic impact in Africa should look to TLG as an execution-focused financing partner.
This partnership is perfect for a company like Drive45. Oluwaseyi and his team have built a business with real corporate demand and the integrity to match it. That’s exactly what Cascador exists to find, and it’s been a privilege watching them grow into a business ready for commercial capital,” she said.