A Lagos, Nigeria-founded mobility fintech has secured a historic investment.
TechCrunch reports that Moove has announced a $100 million Series B funding round led by Uber — marking the rideshare company’s first investment in Africa. Now, Moove’s valuation is $750 million.
“Today’s announcement marks a significant milestone for us,” Moove Founder Ladi Delano shared in a press release. “When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.”
He continued, “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. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey.”
Along with Uber, previous investor Mubadala, a sovereign wealth fund, participated in the Series B round.
“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.”
According to the press release, the $100 million investment will allow Moove to introduce 45,000 new vehicles to its platform and work to expand to 16 markets by the end of 2025. Additionally, the company plans to focus on electric vehicles (EVs).
“Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future,” Delano said.
