Moove, a company founded in 2020 in response to the lack of vehicle financing faced by over two million Africans, has secured $76 million in new funding, consisting of $28 million in equity from new and existing investors, in a process led by Mubadala Investment Company (Mubadala), the Abu Dhabi sovereign fund.
Moove is Uber’s largest vehicle partner in EMEA and the second-largest vehicle partner in India. It also operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago. The company is experiencing 17x revenue growth following its Series A fundraising two years ago.
The funding also includes $10 million venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior twelve months.
The Nigeria-founded business will use the funding to continue to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.
Ladi Delano, Co-founder and Co-CEO of Moove, commented: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.
“With this investment, we will accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”
Mubadala recognises Moove’s global impact
Faris Sohail Al Mazrui, Head of Ventures and Growth, Mubadala, added: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. We believe this hugely underbanked and underserved market has significant long-term potential.”
Al Mazrui will also join the Moove advisory board.
The investment serves as an endorsement of the company’s ability to serve its customers and execute across multiple developing and developed markets.
Sean Dunne, Managing Director, BlackRock, said: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in transforming the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”
Follow us on
