Nigerian vehicle financing platform Moove has successfully closed a $100 million Series B funding round, just a month after initial reports surfaced about Uber’s intention to support the startup. This substantial investment is poised to propel Moove’s expansion into new markets, marking a pivotal moment in its growth trajectory.
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Uber spearheaded the funding round, with participation from prominent investors such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Notably, Moove’s headquarters have relocated to the UAE as a result of its partnership with Mubadala.
Uber’s investment in Moove, its first African-founded startup, underscores its commitment to ensuring a robust supply of drivers for its ride-hailing platform. This collaboration not only validates Moove’s business model but also strengthens the partnership between the two companies.
wWith this significant funding round, Moove, founded in 2020, has increased its valuation to $750 million. The funding includes $10 million in debt from Stride Ventures to expand in India and enter new markets like Delhi, Pune, and Kolkata. Moove provides tailored financing solutions for transportation businesses using alternative credit sourcing technology, simplifying vehicle ownership for drivers through a credit-scoring system.
With operations spanning 13 cities across six countries, including Nigeria, South Africa, Ghana, the UK, India, and the UAE, Moove aims to leverage the fresh capital to expand its revenue-driven vehicle financing platform into 16 markets by 2025.
In line with its expansion strategy, Moove plans to prioritize electric vehicles (EVs), aiming to establish a globally sustainable and accessible mobility ecosystem. While initial plans focused on expanding the EV product line in Africa, challenges such as poor road conditions and erratic power supply have prompted the company to explore alternative approaches, including natural gas vehicles.
Despite these challenges, Moove remains committed to driving innovation in the mobility sector and ramping up investments in key markets across Africa, Europe, and Asia. Additionally, the company is eyeing expansion into Southeast Asia and Latin America in the near future, underscoring its ambition to revolutionize the global transportation landscape.
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