Moove, an African mobility startup that provides vehicle financing to individuals interested in ride-hailing and delivery services, allowing them to acquire vehicle ownership by paying in instalments over a while, has raised $100 million in a Series B fundraising round.
Uber led the investment, becoming the first to invest in an African startup, alongside Mubadala, who led the investment in 2023, and other investors.
The financing increased Moove’s valuation to $750 million from $550 million. After securing the total she has fundraised more than $400 million, including more than $250 million from the sale of shares (equity) and more than $210 million in debt.
In 2020, The Moove began operations in Lagos to address the automotive funding shortage that over 2 million African mobility entrepreneurs faced. They rapidly expanded their activities and gained global recognition for their creative approach to addressing sustainable mobility concerns.
Moove has relocated its headquarters to the UAE, a burgeoning nexus for startups and businesses. It operates in 13 locations across six countries: Nigeria, South Africa, Ghana, India, the United Kingdom, and the UAE.
The funding seeks to allow Moove to expand its operations to 16 markets worldwide by the end of 2025. Their relationship with Mubadala exemplifies how collaboration helps businesses and startups grow and innovate, whether in the UAE or worldwide.
Moove offered its comprehensive charging solution and invested in charging stations specifically for its customers in the UAE, where they switched to an electric vehicles (EVs) fleet, resulting in them becoming the company with the most EV journeys on Uber’s UAE platform by 2023. They prioritize sustainability and innovation, aligning with the UAE’s economic diversification and technological growth aim.
According to Moove’s founder, Ladi Delano, this is a significant milestone for the company. Since its inception in 2020, they have been committed to its goal and has received backing from Uber and other investors to confirm to confirm the vision’s impact. The funds will enhance our product and service and engage a wider audience. He also appreciates their teams’ efforts and commitment to this accomplishment.
The following statement was made by Ali Eid Al Mheiri, from Mubadala’s UAE Investments Platform: “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities.”
“This additional investment is a prime example of Mubadala’s goal of using capital to promote innovation and entrepreneurship throughout the United Arab Emirates and to inspire positive change in communities.”
“With this recent investment, we can add 45,000 more vehicles to our platform, greatly expanding our capabilities. This fundraising milestone greatly improves our operating capability and helps us achieve our aim of turning a profit by the conclusion of the next fiscal year.
Our first goal is to develop Moove in a sustainable, profitable, and customer-focused way. Moove hopes to be at the forefront of this trend since we believe that electrifying transportation will contribute to the world moving toward a zero-emission future.” Ladi concluded.
