Moove, a Nigerian mobility FinTech Startup making a giant move targeting electric vehicles secures series B funding of a hundred million dollars ($100 Million) for expansion from Uber.
Uber, a giant in the mobility industry has its eye in the electric vehicle marketing which seems to be expanding in Africa and other parts of the world. With this as Uber’s first investment in an African mobility tech startup, the mobility giant will become an authority in Africa’s electric vehicle market.
Moove was propelled to have a robust value of seven hundred and fifty million dollars ($750 million) with the securing of the hundred million dollars ($100 million) from Uber.
This significant funding round, bolstered by contributions from Mubadala and a consortium of other notable investors, is poised to propel Moove’s bold expansion strategy.
With plans to enter sixteen new markets by 2025, Moove is placing a strong emphasis on embracing electric vehicles (EVs) as part of its sustainable mobility vision.”
Several other notable investors who were included in the funding are Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
Uber’s investment in the mobility fintech startup is beyond just financing the expansion of the company or the market.
It involves a comprehensive plan to integrate an additional 45,000 vehicles from Moove onto the Uber platform, marking a substantial enhancement for both companies.
This investment stands not only as a monetary endorsement but also as a powerful validation of Moove’s innovative business model.
By leveraging technology and data-driven solutions, Moove aims to revolutionize the landscape of mobility across its markets, ensuring greater accessibility, efficiency, and sustainability for riders and drivers alike.
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While speaking to the press about the new series investment and the endorsement of Uber, Moove Founder, Ladi Delano said,
“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.”
The initial investor of Moove, Mubadala, a sovereign wealth fund, that also participated in the Series B round was represented by Ali Eid Al Mheiri, executive director of UAE diversified assets at Mubadala’s UAE investments platform.
Al Mheiri said,
“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.”
What Does This Remarkable Investment Mean For Moove And Other Mobility Industry In Africa?
The Nigerian mobility fintech startup has faced unique challenges in the African market despite its global penetration ambition and transition to electric vehicles.
These unique challenges including poor road conditions and inadequate charging infrastructure have prompted the company to explore alternative solutions like natural gas vehicles (NGVs).
The funding and partnership with Uber will significantly impact the landscape of mobility services and vehicle financing, especially in emerging markets.
Partnerships like this also change the approach and embolden other African mobility like Bolt, Rida and other start-ups to explore the electric vehicle markets amongst other emerging ones.
The journey to achieving a milestone in the emerging market is filled with potential, and this latest round of funding from Uber is a clear sign that Moove is motivated and ready to take up challenges and opportunities that lie in its path towards global expansion and innovation.
Moove’s funding is a motivating factor for other mobility companies in Nigeria and Africa at large.
