Moove has successfully received $76 million which would help Nigeria’s mobility and logistics sector. Moove stated that it received $334 million in fundraising over 14 rounds.
Its most recent money was received on Wednesday through a private equity deal. The company has received funding from 31 investors, including significant names such as BlackRock and Mubadala.
“Moove is different from typical mobility companies like Uber or Taxify; instead, it operates as an automobile financing startup that employs a hire purchase model,” it stated in a statement.
Moove takes this method by renting cars to drivers, who eventually become car owners after paying the stipulated Moove price.”
Nigerian mobility and logistics companies were making a significant effect, employing 1,374 people in total, with an average of 49 employees per firm, as highlighted by Disrupt Africa’s research.
With the current fundraising, Moove is now more than halfway to becoming a unicorn, with a $550 million valuation. A unicorn is a privately held startup company with a valuation of more than $1 billion.