TLG Capital has closed a US$3 million senior debt facility for Drive45 Mobility Limited, providing the Lagos-based transportation company with capital to expand its fleet, reach more businesses and strengthen its presence across Nigeria.
The financing is expected to support Drive45 as demand for reliable mobility services grows in the country. The company provides transportation solutions to both international and local businesses and plans to use the new funding to expand its operations into more major business centres.
Founded in 2021, Drive45 was established to address gaps in Nigeria’s mobility sector. Its model gives businesses access to reliable transportation without requiring them to carry the full cost of vehicle ownership. The company currently operates more than 170 active vehicles and has recorded no payment defaults in five years of operation.
Financing to drive fleet and market expansion
The new facility will strengthen Drive45’s balance sheet and allow the company to deploy more capital into fleet growth. It will also support efforts to broaden its customer base and deepen its presence in the Nigerian market.
Drive45 plans to expand into Port Harcourt, Abuja, Kano, Kaduna and other major business hubs in the coming years.
Oluwaseyi Adefemi, CEO of Drive45, said access to suitable financing was critical because mobility is a capital-intensive business.
“Mobility access is a capital business, so having the right financial backing is everything,” Adefemi said. He added that TLG took time to understand Drive45’s operations and structured the financing around the company’s growth plans.
According to Adefemi, the funding will go directly towards helping Drive45 reach more businesses across Nigeria.
The transaction combines TLG Capital’s flexible private credit with a guarantee provided by Cascador in partnership with Morgan Stanley. The arrangement is designed to help high-growth African companies access institutional capital that matches their stage of development.
Isha Doshi, Co-Founder and Partner at TLG Capital, said Drive45 demonstrated disciplined capital deployment while addressing a clear market need.
“Drive45 is a prime example of disciplined capital deployment to meet a clear market need,” Doshi said. She added that TLG was pleased to support the company as it enters its next phase of expansion.
Cascador partnership adds support beyond capital
Cascador has supported Drive45 since the company completed its ScaleUp programme in 2024. Its support has included financial and non-financial resources, as well as tools and networks to help the company become investment-ready.
The latest transaction extends that relationship through a financing mechanism, with Cascador acting as guarantor.
Cascador CEO Trish Thomas said the partnership reflects the importance of preparing companies for long-term growth rather than simply providing capital.
“TLG is an exception,” Thomas said, describing the firm as commercially minded and focused on execution. She said Drive45 had built a business based on real corporate demand and strong integrity.
Following the investment, TLG will continue working with Drive45 through its value creation framework. This will include support in governance, ESG monitoring, operational performance and strategic growth.
TLG Capital is a private credit fund manager focused exclusively on sub-Saharan Africa. Since its establishment in 2012, it has made more than 50 investments and recorded more than 30 exits across over 20 African countries. Its flagship Africa Growth Impact Fund II is focused on small and medium-sized enterprises and is backed by the IFC, Norfund, Swedfund and Bpifrance.
