Moove, a startup founded
in Nigeria to help individuals finance vehicles to be used in ride-sharing and
delivery efforts, has raised $100 million in Series B funding with
participation from Uber.
Additional investors
include Mubadala Investment Company, the Latest Ventures, Africinvest, Palm
Drive Capital, Triatlum Advisors AG and Future Africa. The round puts Moove’s post-money
valuation at $750 million.
Founded in 2020 in Lagos,
Nigeria, Moove said it has helped finance vehicles for more than 20,000
customers across Africa, the Middle East, India and the United Kingdom who have
provided more than 30 million trips in those cars, primarily on Uber.
Moove buys vehicles —
including cars, bikes, motorcycles and trucks — and enables drivers to work
toward ownership by making weekly payments.
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With this funding, the
company said it will expand to 16 emerging markets around the world by the end
of 2025 and will add 45,000 vehicles to its ecosystem.
“Today's announcement
marks a significant milestone for us. When we founded Moove in 2020, we were
motivated to solve the acute shortage of vehicle financing that over 2
million African mobility entrepreneurs faced,” said Ladi Delano, founder of
Moove.
“This validation from
Uber and others stands as a testament to the fact that what was once a dream is
now a palpable reality. This infusion of capital is set to amplify the
immensely positive impact our products have in the lives of our customers on a
much broader spectrum.”
Moove is now based in the
United Arab Emirates, where it has transitioned to a fully electric fleet, making it the top provider of
electric vehicle trips on Uber’s UAE 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,” said Ali Eid Al Mheiri, executive director of
UAE Diversified Assets at Mubadala’s UAE Investments Platform.
“This
follow-on investment exemplifies Mubadala’s strategy of deploying capital to
drive positive change in communities, in addition to fostering innovation and
entrepreneurship across the UAE.”
This latest
round brings Moove’s total equity funding to $250 million and debt funding to
$210 million.