Moove, a Pan-African mobility fintech startup has secured $100 million in a Series B funding round.
Leading ride hailing platform, Uber, led the Series B round, making it the company’s first investment in the African continent.
The round also involved sovereign wealth fund Mubadala.
Other investors in the round include Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
Moove’s post-money valuation is now $750 million, a $200 million increase from last August’s value of $550 million.
Ladi Delano, Moove’s CEO, believes that the investment is a validation of the startup’s car financing startup’s business model.
Moove’s Plans
Spurred on by the inflow of funds, Moove revealed some of its plans for the future.
Market Expansion: Moove plans to expand its operations into 16 new markets by the end of 2025.
The startup currently operates in six countries including Nigeria, South Africa, Ghana, the UK, India, and the UAE.
Going Green: Moove also has plans to go green starting with India and subsequently across all its operations.
In collaboration with Uber, the mobility fintech company is expanding its electric vehicle (EV) offerings across markets, starting with India.
The collaboration already saw the deployment of about 25,000 electric vehicles on Uber’s ride-sharing platform in India
Moove plans to introduce over 20,000 more electric vehicles in support of Uber’s goal of a zero-emission fleet by 2040.
Speaking to TechCrunch, Ladi Delano said
“We want to be at the forefront of electrification in the U.K. and UAE by putting more EVs on the road.”
For countries like Nigeria where poor road conditions and a lack of charging stations could pose challenges, the company has alternative plans.
The CEO said “ …But in countries like Nigeria, we hope to be at the forefront of the transition from ICE (internal combustion) engines to compressed natural gas (CNG) vehicles and then from CNG to EVs.”
“We’re doing a lot of work at the moment to prepare the Nigerian market for CNG transition, in the hope that will reduce the impact of the increasing fuel price on the bottom line of our customers.” He added.
With this new funding round , Moove’s total fund raised , comes to about $460 million ; $250 million in equity and $210 m in debt financing.