Tech

Uber-Backed Moove Raises $100 Million, Moves Headquarters To The UAE

As a result of its relationship with Mubadala, Moove has shifted its headquarters to the UAE, strengthening its strategic partnerships.

Moove
Moove [PHOTO CREDIT: Tech Cabal]

In a smart move after Uber’s vow to support Moove with a $100 million funding injection, the Nigerian auto finance platform successfully closed its Series B funding round, which was also worth $100 million. This milestone not only represents a huge step forward for Moove, but it also signifies the company’s intention to expand into other markets.

Uber is leading the drive, with noteworthy investors including sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. As a result of its relationship with Mubadala, Moove has shifted its headquarters to the UAE, strengthening its strategic partnerships.

Uber’s choice to sponsor Moove, its flagship African-founded firm, demonstrates the company’s commitment to guaranteeing a consistent pool of drivers for its ride-hailing network. Furthermore, it demonstrates confidence in Moove’s business model and strengthens the relationship between the two organisations. With this new infusion of finance, Moove’s post-investment valuation has risen to an astonishing $750 million.

This latest funding round follows Moove’s previous achievement in obtaining $10 million in debt financing from Stride Ventures. These funds will be used to strengthen its position in the Indian market and expand operations into new urban hubs such as Delhi, Pune, and Kolkata.

Jide Odunsi and Ladi Delano founded Moove in 2020, and the company has quickly established itself as a prominent player in the mobility sector. Moove empowers drivers by providing car finance options suited to transportation business owners across several platforms, such as ride-hailing, logistics, mass transit, and rapid delivery, using alternative credit source technology and productivity data.

The company’s approach to vehicle finance is twofold: it acquires fleets of vehicles and then offers them to drivers through its platform. Moove uses its software to provide drivers with finance based on a credit-scoring system, easing the process of acquiring new automobiles for delivery, logistics, and ride-hailing.

Beyond its African beginnings, Moove has expanded into worldwide markets, actively incorporating electric cars (EVs) into its business. With major EV fleets currently operational in the UAE and the UK, Moove intends to add over 20,000 EVs to Uber’s platform in India. This strategic approach is consistent with the company’s objective of creating a sustainable and accessible mobility environment worldwide.

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