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TLG Capital, a private credit firm operating across Sub-Saharan Africa, has closed a $3 million senior debt facility for Drive45 Mobility, a Lagos-based mobility company providing transport solutions to businesses across Nigeria.
The announcement comes a couple of months after TLG Capital announced the $120 million second close of its Africa Growth Impact Fund II (AGIF II).
The facility improves Drive45’s financial position as the need for mobility services increases nationwide, supported by a guarantee from Cascador in collaboration with Morgan Stanley.
“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,” said Oluwaseyi Adefemi, founder and CEO of Drive45.
Founded in 2021, Drive45 gives international and local businesses access to reliable transport without the cost of owning vehicles outright. The company now operates more than 170 active vehicles and has recorded no payment defaults in five years of operation.
“Drive45 is 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. This transaction also would not have been possible without Cascador,” said Isha Doshi, co-founder and partner at TLG Capital.
TLG Capital has made more than 50 investments and over 30 exits across more than 20 African countries since it was founded in 2012. Its flagship fund, Africa Growth Impact Fund II, targets small and medium-sized enterprises and is anchored by the IFC, Norfund, Swedfund and Bpifrance.
The new facility will support Drive45’s fleet expansion and strengthen its presence in Nigeria, with plans to grow in Port Harcourt, Abuja, Kano, and Kaduna. TLG will assist Drive45’s management with governance, ESG monitoring, and performance as the business grows.
Cascador is a platform focused on helping growth-stage founders in Nigeria, backed by the Empowering Economic Growth Foundation (EEGF). Since its launch in 2019, it has supported over 70 ventures that have raised more than $125 million and created many jobs.
Through its ScaleUp Programme and a $5+ million Catalytic Fund launching in 2025, Cascador offers mentorship, strategic support, and access to financing options like debt and equity.
“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,” said Trish Thomas, CEO of Cascador.
