Drive45 secures $3m debt facility from TLG Capital to expand corporate mobility in Nigeria

TLG Capital has closed a $3m (about ₦3.96bn) senior debt facility for Drive45 Mobility, a Lagos-based transportation company that provides mobility solutions to local and international businesses. The facility is meant to strengthen the company’s balance sheet as it expands into Port Harcourt, Abuja, Kano and Kaduna.

TLG Capital said in a statement that the facility was structured with a credit guarantee from Cascador, delivered in partnership with Morgan Stanley.

Cascador has backed Drive45 since the company completed its ScaleUp Programme in 2024, and this transaction extends that support through a debt-guarantee structure rather than a direct equity or grant instrument.

How TLG structured the deal with Drive45

The arrangement combines TLG’s private credit with Cascador’s guarantee, a model the firms describe as designed to give high-growth African businesses access to institutional capital they might not otherwise qualify for. Drive45 also revealed that it currently operates more than 170 active vehicles and has recorded no payment defaults in five years of operation.

Isha Doshi, co-founder and partner at TLG Capital, said in a statement that Drive45 had built “a fantastic business” around a clear vision for corporate mobility in Nigeria, and credited Cascador’s track record in the market for making the transaction possible.

Also read: Cascador selects 10 Nigerian startups for 2026 ScaleUp Programme

Oluwaseyi Adefemi, chief executive of Drive45, said in a statement that TLG had taken time to understand the company’s business model and structure its capital to match its growth trajectory. He added that Cascador had supported the company “from our earliest days,” helping the company become investment-ready.

Trish Thomas, chief executive of Cascador, said in a statement that the partnership reflected TLG’s focus on long-term viability rather than simply deploying capital, describing Drive45 as a company with “real corporate demand and the integrity to match it.”

Founded in 2021, the company operates a rent-to-own vehicle subscription model that gives businesses and individuals access to vehicles without the upfront capital burden of ownership. The Drive45 deal team was led by Adefemi, while TLG’s side comprised Aum Thacker and Rohan Subramanian. Legal counsel on the transaction included Simon Harter, Hannaford Turner and Wigwe and Partners.

TLG said it will continue working with Drive45 through its value-creation framework, partnering with the company on governance, ESG monitoring and operational performance as it scales across Nigeria’s mobility sector.