Nigeria’s vehicle financing platform, Moove, has secured $100 million in a Series B funding round. This funding round was led by Uber with the participation of Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
Moove offers vehicle financing for business owners in the transport sector from ride-hailing, logistics, mass transit, and instant delivery platforms. The company embeds its alternative credit-scoring technology onto ride-hailing, logistics, and last-mile/instant delivery platforms allowing access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.
The latest funding round values the company at $750 and is the largest round we have seen in the continent this year. This round comes a few weeks after the startup raised $10 Million in debt financing from Stride Ventures to expand its presence in India.
This cash injection will help Moove expand its revenue-based vehicle financing to 16 additional markets globally by the end of 2025. According to the company, it will focus more on electric vehicles going forward. Moove currently operates in 6 countries including Nigeria, Ghana, South Africa, the UK, India and the UAE. It has also announced that it will move its headquarters to the UAE after this funding round.
The investment by Uber is the company’s first major investment into a startup operating in the continent and might represent a new shift by global companies into Africa. Such investments can help African startups to expand to other markets across the continent and beyond.
What They Said
Ladi Delano, Founder of Moove, said: “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.”
Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, 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.”
Ladi Delano concluded: “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’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.”
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