Moove, a mobility fintech, has closed a $100 million funding in its Series B round led by Uber and other financiers.
- The startup was founded in 2020 by Ladi Delano and Jide Odunsi, and has since expanded into nine markets including Nigeria, Egypt, Kenya, South Africa, and Ghana.
- The funding round has raised the value of the company to $750 million.
- Uber’s investment is its first on the continent as it plans to solidify its position by securing valuable partnerships.
“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,” said the startup’s founder Ladi Delano, “It is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year.”
In addition to Uber, other investors include Mubadala, The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa. “Cumulatively, Moove has secured US$250 million in equity and US$210 million in debt financing, fuelling our continued expansion and innovation in Africa and beyond,” the company said in a statement on LinkedIn
Moove was created to enable potential drivers in the ride-hailing and logistics sectors to buy their cars over four years compared to paying instantly or through bank loans. Moove launched in Kenya in 2021 to help drivers improve their credit scores and purchase brand-new cars affordably. The demand for vehicles in the ride-hailing and logistics sectors brought Uber on board as a partner at the time.
Uber and Moove’s Future Plans
“This round fuels our ambition to introduce 45,000 new vehicles, with a keen focus on electric vehicles (EVs), propelling us towards a more sustainable future. Our vision extends to broadening our footprint to 16 markets by the end of 2025,” the company said.
Moove has registered its upward trajectory with annual revenues reaching $90 million. In August last year, it received funding worth $28 million from its primary investor, Mubadala Investments, which is stationed in Dubai.
It is not difficult to see why Uber would invest in Moove. Their development is inextricably intertwined, and Uber’s revenue projections could rely on more drivers buying vehicles courtesy of Moove. “Ride-hailing in Africa could be much, much bigger – but cars are expensive to buy upfront. Which means that Uber getting in on Moove would be more than a return on investment – it’s a strategic, market growth play,” said tech journalist, Caleb Maru.
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