Moove now valued at $750m in latest $100m round reportedly led by Uber
TLDR
- Moove, an African mobility fintech, raises $100 million in funding round led by Uber, with participation from sovereign wealth fund Mubadala and other investors.
- The latest funding round elevates Moove's post-money valuation to $750 million, emphasizing growing interest in its innovative vehicle financing approach.
- Moove plans to expand its revenue-based vehicle financing platform to 16 markets by 2025, with a total of $250 million equity and $210 million debt raised to date.
Moove, an African mobility fintech specializing in vehicle financing for ride-hailing and delivery app drivers, has raised $100 million in a funding round aimed at fueling its expansion into new markets. Although Moove did not disclose the lead investor, TechCrunch reports that Uber led the Series B round, marking Uber's first investment in the African continent.
Joining Uber in this funding round are sovereign wealth fund Mubadala and several other investors, elevating Moove's post-money valuation to $750 million, up from $550 million following a previous funding round led by Mubadala last August.
The participation of various investors, including Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa, underscores the growing interest in Moove's innovative approach to vehicle financing.
Key Takeaways
Moove exemplifies the success story of a local African startup with global ambitions. From its roots in Africa, Moove has rapidly expanded its footprint across multiple continents, attracting significant investments from renowned global players like Uber and sovereign wealth fund Mubadala. With its innovative approach to vehicle financing for ride-hailing and delivery drivers, Moove is not only transforming mobility solutions in Africa but also making waves on the global stage. With a total of $250 million raised in equity and $210 million in debt to date, the latest funding round is pivotal for its expansion strategy. Currently operating in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE, Moove aims to leverage the new capital to expand its revenue-based vehicle financing platform to 16 markets by the end of 2025.
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