Moove raises $100m in Series B funding round

Moove has announced the successful raise of $100 million in a Series B funding round led by Uber and participation by existing investors including Mubadala.  Moove has cumulatively secured $250 million in equity and $210 million in debt financing.

Innovation Village hinted on this raise led by Uber in an earlier post in February, 2024. With this latest funding round, Moove’s valuation now stands at $750 million.

Established in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove was designed to aid potential ride-hailing drivers who lacked access to car financing. It is currently based in UAE and has operations in several countries in Africa, India, UAE and UK positively affecting over 80,000 individuals.

According to the company, this recent raise will allow it add 45,000 new vehicles to its fleet, with a significant focus on electric vehicles (EVs), thereby advancing its commitment to a more sustainable and accessible mobility ecosystem for its customers worldwide.

So far, Moove has assisted over 20,000 mobility entrepreneurs spanning three continents, facilitating over 30 million trips financed by Moove. This achievement has led to an annual recurring revenue surpassing $115 million, marking a significant step towards profitability.

Ladi Delano, Founder of Moove, said: ”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.

“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.”

Its expansion strategy is forward-looking, seeking to increase its presence to 16 markets by the end of 2025.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, commented: “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities. This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”

Ladi Delano concluded: “This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer focused and profitable way. Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future..”

BofA Securities acted as financial adviser to Moove.