Moove, a mobility fintech startup, announced Tuesday it has raised $100 million in Series B funding.
The round, led by Uber, includes contributions from its previous investor Mubadala, as well as new investors such as The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa. BofA Securities provided strategic financial guidance for the deal.
The investment, according to the startup, will enable it to scale globally, extending its operations to 16 markets by the end of 2025.
According to the startup, the funding comes after a year of significant growth which saw the company increase its Annual Recurring Revenue to over $115 million.
Moove is a Nigerian global start-up founded by Ladi Delano and Jide Odunsi in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options.
The company said the round brings total equity funding to $250 million and debt funding to $210 million since its launch in 2020.
With this latest funding round, Moove’s valuation now stands at $750 million, underscoring the impact of its commitment to transforming the mobility landscape.
Moove said the funding will allow the company to add 45,000 new vehicles to its fleet, with a significant focus on electric vehicles (EVs), thereby advancing its commitment to a more sustainable and accessible mobility ecosystem for its customers worldwide.
Speaking on the funding round in a statement posted on the company’s website on Tuesday, the founder, Mr Delano, said: ”Today’s announcement marks a significant milestone for us. 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 said this validation from Uber and others stand 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.
“This recent investment 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. We are committed to building Moove in a sustainable, customer focused and profitable way. Moove aims to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future,” he said.
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.”
