Uber is set to invest $100 million in Moove. Global ride-hailing company Uber is all set to invest a whopping $100 million in Moove in a new development, one that will make the company one of the best in what it does in Africa.
Uber to Invest $100 Million in Moove
Reports from Bloomberg suggest that Uber, the US-owned ride-hailing giant, is poised to support the Nigerian vehicle financing platform, Moove, in a substantial $100 million funding round.
This investment round has the potential to boost Moove’s valuation from $650 million to $750 million. However, the final funding figure remains subject to adjustment, with estimates ranging between $75 million and $100 million.
Previous Collaborations between the Two Companies
While neither Uber nor Moove have officially commented on the planned funding, previous collaborations between the two companies indicate a strong likelihood of the investment materializing. In 2020, Uber and Moove entered into a partnership aimed at offering flexible vehicle ownership options to Uber drivers, underscoring their established relationship.
Moove has demonstrated significant fundraising prowess, with the potential $100 million injection marking its total funding since inception at an impressive $335 million.
Moove Recently Secured $10 Million in Debt Financing From Stride Ventures
Just recently, Moove secured $10 million in debt financing from Stride Ventures to fuel its expansion into the Indian market. This funding will support the startup’s growth initiatives in key Indian cities like Mumbai, Hyderabad, and Bengaluru. Interestingly, Uber’s collaboration with Moove extends beyond Africa, as the two companies have also partnered in India to provide electric vehicles to Uber drivers in the country.
What Uber’s Investment in Moove Underscores
While Uber’s investment in Moove underscores the latter’s growth trajectory, it’s essential to note that Moove has encountered challenges along the way. These include employee layoffs following a $140 million fundraising round and driver protests questioning the viability of its vehicle-financing business model.
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