Moove secures $100 million in a Series B round and moves its headquarters to the UAE. Just a month following the initial report of Uber’s intention to help support Moove in a $100 million funding round, the Nigerian vehicle financing platform has now successfully secured a $100 million Series B.
Moove Secures $100 Million in a Series B Round
This development marks a significant stride forward for Moove as it sets its sights on expanding into fresh territories. Leading the investment round is Uber, accompanied by notable investors including sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
As a result of its collaboration with Mubadala, Moove has relocated its headquarters to the UAE, signifying a pivotal move in its growth strategy.
Uber’s Backing of Moove
Uber’s backing of Moove, its premier investment in an African-founded startup, underscores its dedication to securing a steady pool of drivers for its ride-hailing platform. This investment validates Moove’s business model and reinforces the bond between the two companies.
With this latest capital infusion, Moove’s post-investment valuation skyrockets to $750 million, reflecting investor confidence in its potential and trajectory.
Moove’s Acquisition of $10 Million in Debt Funding From Stride Ventures
This recent funding injection follows Moove’s acquisition of $10 million in debt funding from Stride Ventures. These funds are earmarked for bolstering its presence in the Indian market and expanding its footprint into new urban centers like Delhi, Pune, and Kolkata.
The recent injection of funding marks a pivotal moment for Moove as it gears up for expansion into new, untapped markets. Currently operating in 13 cities across six countries, including Nigeria, South Africa, Ghana, the United Kingdom, India, and the United Arab Emirates, Moove plans to utilize the fresh capital to extend its revenue-focused vehicle financing platform to 16 markets by the end of 2025.
Moove Offers Vehicle Financing Solutions
Founded in 2020 by Jide Odunsi and Ladi Delano, Moove offers vehicle financing solutions tailored for transportation entrepreneurs across various sectors, including ride-hailing, logistics, mass transit, and instant delivery platforms.
Leveraging alternative credit sourcing technology and productivity data, the mobility company enables drivers to access financing for purchasing vehicles through its platform.
Moove employs a dual strategy for vehicle financing. It acquires fleets of vehicles and then sells them to drivers via its platform. Utilizing its proprietary software, the company offers financing to drivers based on a credit-scoring system, simplifying the process of acquiring new vehicles suitable for delivery, logistics, and ride-hailing. Drivers contribute a portion of their weekly earnings towards vehicle payments.
Moove’s Expansion beyond Africa in 2021
Since its expansion beyond Africa in 2021, Moove has actively incorporated electric vehicles (EVs) into its business model. It currently operates significant EV fleets in the UAE and the UK, with plans to introduce over 20,000 EVs on Uber in India.
The company’s expansion into new markets will prioritize EVs, aiming to establish a globally sustainable and accessible mobility ecosystem. However, African customers may experience delays in accessing these initiatives due to challenges like poor road conditions and unreliable power supply.
Moove’s Intention to Expand Its EV Product Line in Africa
Initially, Moove intended to expand its EV product line in Africa by purchasing new EVs at discounted rates and selling them at lower prices in the region. However, challenges such as poor road conditions and erratic power supply prompted a reevaluation of this strategy.
Consequently, Moove is considering natural gas vehicles, particularly in countries like Nigeria, as an alternative approach.
Delano’s Commitment to being at the Forefront of Electrification Initiatives in the UK and the UAE
Delano emphasized the company’s commitment to being at the forefront of electrification initiatives in the UK and the UAE while also pioneering the transition from internal combustion engines to compressed natural gas (CNG) vehicles in Nigeria. Moove aims to prepare the Nigerian market for this transition to mitigate the impact of rising fuel prices on its customers’ finances.
Delano Plans to Increase Investments in the UAE and Other Key Markets
Furthermore, Delano disclosed plans to increase investments in the UAE and other key markets across Africa, Europe, and Asia. Additionally, Moove intends to expand into Southeast Asia and Latin America in the near future.
MORE RELATED POSTS
