Moove – a global mobility fintech company that democratizes access to vehicle ownership for mobility entrepreneurs – announced that it had raised $100 million in a Series B funding round. This funding round values the company at $750 million. Uber invested in this round alongside Mubadala, which led Moove’s previous funding round last year. Other investors participating in the round also included The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.
This funding round enables Moove to expand its customer-focused, revenue-based vehicle financing offering to about 16 markets worldwide by the end of 2025. A major portion of this expansion will focus on electric vehicles (EVs), laying the foundation for a more sustainable and accessible mobility ecosystem for its customers worldwide.
Since launching, Moove has raised over $250 million in equity and over $210 million in debt funding. The company has impacted the lives of over 80,000 globally. Over 30 million trips have been made through Moove-financed cars so far, and the company achieved $115 million in ARR last year.
BofA Securities acted as the financial adviser to Moove.
KEY QUOTES:
“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 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’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.”
– Ladi Delano, Founder of Moove
“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.”
– Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform
