Uber has contributed $100 million to the Series B investment campaign for Moove, a Nigerian startup that helps people finance cars for delivery and ride-sharing services.
Future Africa, Africinvest, Palm Drive Capital, Mubadala Investment Company, Latest Ventures, and Triatlum Advisors AG are other investors. Moove is valued at $750 million post-money from this round.
Moove, a 2020-founded company based in Lagos, Nigeria, claimed to have assisted in financing cars for over 20,000 clients throughout Africa, the Middle East, India, and the UK, who have taken the cars on over 30 million trips, mostly for Uber.
Moove purchases automobiles, such as trucks, bikes, motorbikes, and cars, and allows drivers to gradually become owners by paying weekly payments.
By the end of 2025, the company plans to add 45,000 automobiles to its ecosystem and expand into 16 emerging regions worldwide thanks to the finance.
“Today’s announcement marks a significant milestone for us.” The founder of Moove, Ladi Delano, stated, “we were motivated to solve the acute shortage of vehicle financing that over 2 million African mobility entrepreneurs faced,”
“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 the leading supplier of electric car trips on Uber’s UAE platform. It is situated in the United Arab Emirates and has switched to an entirely electric fleet.
Ali Eid Al Mheiri, executive director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, said, “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.”
“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.”
With this most recent round, Moove has received $210 million in loan financing and $250 million in equity fundraising overall.
