Uber plans to invest heavily in the African start-up Moove in a funding round of as much as $100 million, said people familiar with the matter.
Uber Plans to Invest Heavily in the African Start-up Moove
The US ride-hailing company will participate in a capital raise with a group of investors, increasing Moove’s enterprise value to approximately $750 million from $650 million, according to the persons who asked to remain unnamed since the discussions are still confidential.
The ultimate amount, which might vary from roughly $75 million to $100 million, has not yet been determined by the investment round, they said.
Africa has the world’s fastest-growing population, and on a continent that has frequently lacked traditional infrastructure and institutions, many young people are using technology more and more for services like banking, ride-hailing, and entertainment.
Moove Reportedly Concluded a $76 Million Financing and Equity Transaction Last Year
Nigeria, the most populous nation in Africa, is the birthplace of several quickly expanding fintech companies, like Flutterwave and Interswitch, which include Moove. A number of them have attained the coveted unicorn designation, which is bestowed upon startups with valuations of $1 billion or more.
In August of last year, Moove also concluded a $76 million financing and equity transaction that included participation from Mubadala Investment and BlackRock.
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