Uber Invests in Mobility Startup Moove, Founded in Nigerria

Uber Invests in Mobility Startup Moove, Founded in Nigerria

Uber has contributed $100 million to the Series B investment campaign for Moove, a Nigerian startup that helps people finance cars for delivery and ride-sharing services.

Mubadala Investment Company, the Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa are among the other investors. After the round, Moove is valued at $750 million post-money.

Moove, a 2020-founded company based in Lagos, Nigeria, stated to have assisted in financing cars for over 20,000 clients throughout Africa, the Middle East, India, and the UK, who have taken the cars on over 30 million trips, mostly for Uber.

With Moove, drivers can purchase automobiles such as trucks, scooters, cars, and motorcycles while working toward ownership through weekly payments.

With this capital, the company plans to add 45,000 automobiles to its ecosystem and grow into 16 emerging regions globally by the end of 2025.

“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 2 million African mobility entrepreneurs faced,” said Ladi Delano, founder of Moove.

“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.”

Moove is now the leading supplier of electric car trips on Uber’s UAE platform. It is situated in the United Arab Emirates and has switched to an entirely electric fleet.

“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,” said Ali Eid Al Mheiri, executive director of UAE Diversified Assets at Mubadala’s UAE Investments Platform.

“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.”

With this most recent round, Moove has received $210 million in loan financing and $250 million in equity fundraising overall.