Moove has announced the closing of a $100 million Series B funding round, led by Uber with contributions from previous investor Mubadala, as well as new investors such as the Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.
Moove was founded by Ladi Delano and Jide Odunsi in 2019.The fintech buys fleets of vehicles, which it then sells to drivers through the platform. Its software offers financing to drivers through a credit-scoring system, enabling drivers to buy new vehicles for ride-hailing, logistics and deliveries. The vehicles provided to Moove customers vary from traditional options like Toyotas and Suzukis to electric vehicles (EVs) such as Teslas.
According to the company, the recent funding will allow it to add 45,000 new vehicles to its fleet, with a significant focus on electric vehicles (EVs), advancing its commitment to a more sustainable and accessible mobility ecosystem for customers worldwide. Moove’s expansion strategy is forward-looking, targeting an increase in our presence to 16 markets by the end of 2025.
Moove operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India and the UAE. Since its launch, the company claims to have made a significant difference in the lives of over 80,000 individuals across 9 markets.
Uber’s investment in Moove, is its first investment in an Africa-founded startup.The investment is aimed to ensure a steady supply of drivers for its ride-hailing platform .Uber is Moove’s largest car financing and vehicle supply partner. This investment also aligns with the company’s commitment to a fully zero-emission fleet by 2040.
The company wants to be at the forefront of electrification in the U.K. and UAE by putting more EVs on the road, in countries like Nigeria, Moove wants to spearhead the the transition from ICE (internal combustion) engines to compressed natural gas (CNG) vehicles to reduce the impact of the increasing fuel price on the bottom line of customers.
With the latest funding round, Moove’s valuation now stands at $750 million. The company achieved over $115 million in Annual Recurring Revenue last fiscal year. Cumulatively, Moove has secured $250 million in equity and $210 million in debt financing, fueling its continued expansion and innovation in Africa and beyond.