Mobility startup, Moove, which provides financial access for vehicle ownership, has raised $100m in a Series B funding round.
With this latest funding, the startup is now valued at $750m, Moove said in a statement on Tuesday.
E-hailing platform, Uber, invested in the round alongside Mubadala, who led Moove’s previous funding round in 2023.
The funding will enable Moove to expand its customer-focused revenue-based vehicle financing offering to 16 markets around the world by the end of 2025.
The startup revealed that a considerable portion of the expansion would focus on electric vehicles, which would lay the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.
The founder of Moove, Ladi 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.
“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 on 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 have been pivotal in reaching this significant milestone on our company’s journey,” the founder stated.
In August 2023, Moove secured $76m in financing to boost Nigeria’s mobility and logistics sectors.
The PUNCH reported that it got a total of $334m in funding across 14 rounds, its most recent funding, was obtained through a private equity round.
Moove was founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options.
Now based in its new headquarters in the UAE, an emerging nexus for entrepreneurship and innovative startups, the evolving partnership between Moove and Mubadala stands as a prime example of how collaboration between local UAE investors and startups can catalyse growth and innovation both within the UAE and globally.
The startup said it had helped more than 20,000 mobility entrepreneurs across three continents, enabling more than 30 million Moove financed trips to date, resulting in an annual recurring revenue of over $115m.
The Executive Director of UAE Diversified Assets at Mubadala’s UAE investments platform, Ali Eid Al Mheiri, commented, “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,” he noted.
