Africa’s mobility startup, Moove, that offers vehicle financing to ride-hailing and delivery app drivers, has raised $100 million in a funding round as it plans to enter new markets. The funds were raised in a Series B round led by Uber, another ride-hailing company.
The new funding round brings Moove’s total fund raised to date to about $460 million—$250 million in equity and $210 million in debt. Move offers vehicle financing to ride-hailing and delivery app drivers.
Mubadala a sovereign wealth fund and several other investors, also took part in the round, thereby putting Moove’s valuation to $750 million. Other investors in the round include The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
Moove, which currently operates in six countries, said it will use the new funding to expand to 16 more markets by the end of 2025. The company operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India, and now headquartered in the United Arab Emirates (UAE), 20,000 customers have completed more than 30 million trips in Moove-financed vehicles to date.
“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,” said Ladi Delano, founder of Moove.
“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.”
Uber, which has partnered with several others, including SWVL and Kobo plans to secure a reliable stream of drivers for its ride-hailing platform through this move. Moove’s CEO, Ladi Delano, views the move as a validation of Moove’s business model.
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove tackles low credit access in mobility markets by offering revenue-based car financing to ride-hailing drivers. Customers buy new vehicles with a share of their weekly earnings, and the startup boasts $90 million in annual recurring revenue.
In February, the company raised $10 million to expand its presence in India after it launched in three cities in the country. In 2023, Moove partnered with Uber to deploy about 25,000 electric vehicles on its ride-sharing platform in India.