Moove, a Nigerian mobility startup that provides vehicle financing to drivers of ride-hailing platforms like Uber and Bolt, has secured $76 million in new funding to expand globally.
The funding round was led by Mubadala Investment Company, $10m venture debt from funds and accounts managed by BlackRock, and $38 million in a previously undisclosed fund raised during the prior twelve months.
Moove disclosed that it will use the funds raised to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.
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Speaking on the funds raised, Moove Co-Founder Ladi Delano said,
“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 now 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.”
Launched in 2020 to assist African mobility entrepreneurs in obtaining vehicle financing, Moove since its inception has experienced significant revenue growth.
The mobility company was founded in response to the challenge faced by over 2 million African mobility entrepreneurs, which is the lack of access to vehicle financing. Moove was initially built to solve this problem in Lagos, but has since expanded to 6 cities across Africa.
The company is now taking its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing,
Key features of Moove include:
- Vehicle Subscription: Moove offers vehicle subscription services that allow individuals to access vehicles without the upfront costs associated with traditional vehicle ownership. This is particularly beneficial for rideshare drivers and those who need a vehicle for their livelihoods.
- Flexible Payments: The startup provides flexible payment options, making it easier for drivers to afford the vehicles they use for ridesharing or personal transportation. This can include installment plans and tailored payment schedules.
- Maintenance and Support: Moove often includes maintenance and support services as part of their offerings, ensuring that drivers have access to well-maintained vehicles and assistance when needed.
- Rideshare Integration: Moove’s services are often targeted at rideshare platforms, allowing drivers to access vehicles specifically suited for their work as rideshare partners.
- Technological Integration: The company typically integrates technology into its services, such as apps or online platforms, to streamline the vehicle subscription process and provide support to drivers.
Notably, Moove is Uber’s largest vehicle financing partner in EMEA, and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.
The company is backed by investors from around the world which include, KORA, Phoenix Court Group, Speedinvest, Africinvest, FJ Labs, Palm Drive Capital, Tekton Ventures, and MUFG Innovation Partners.
Moove has a vision to build the largest integrated vehicle financing platform for mobility entrepreneurs using technology and future productivity, with a mission to drive productivity and success for the world’s mobility entrepreneurs by democratizing access to vehicle ownership.