Mobility startup, Moove, has confirmed the earlier reported $100 million investment by Uber, bringing its valuation to $750 million after the deal.
According to the company, the Series B raise also had participation from its previous investor Mubadala, as well as new investors such as The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa. BofA Securities provided strategic financial guidance for the deal.
The latest fundraising brings Moove’s total raise so far to $460 million comprising $250 million in equity and $210 million in debt financing.
New valuation
Sharing the news of the deal via a statement released on Tuesday, the company said:
- “With this latest funding round, Moove’s valuation now stands at $750 million, underscoring the impact of our commitment to transforming the mobility landscape.
- “Our efforts have already made a significant difference in the lives of over 80,000 individuals across 9 markets.
- “Demonstrating our model’s effectiveness, we achieved over $115 million in Annual Recurring Revenue last fiscal year. Cumulatively, Moove has secured $250 million in equity and $210 million in debt financing, fuelling our continued expansion and innovation in Africa and beyond.”
Moove said the funding will allow the company to add 45,000 new vehicles to our fleet, with a significant focus on electric vehicles (EVs), thereby advancing its commitment to a more sustainable and accessible mobility ecosystem for our customers worldwide.
The company is also aiming to increase its presence to 16 markets by the end of 2025 from the current 6.
Moove’s fundraising trajectory
In 2023, Moove was the most funded startups in Nigeria having raised $76 million amid a funding slowdown in the Nigerian startup space.
- According to Moove, the $76 million raised last year was to build the largest tech-driven financial services platform for mobility entrepreneurs. This came as the largest single raise this year by any Nigerian startup.
- The financing consists of $28 million in equity, $10 million in venture debt from funds and accounts, and $38 million in previously undisclosed funds raised over the past year. BlackRock manages the venture debt, while Mubadala Investment Company led the equity round, which included new and existing investors.
- Earlier in February this year, Moove was also reported to have raised a debt funding of $10 million from Stride Ventures, a sector-agnostic venture debt fund.
The mobility company, which entered India in 2023, states the new fund will help it strengthen its presence in the Indian market and expand operations to new cities, such as Delhi, Pune, and Kolkata.
Launched in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove uses a credit scoring system to provide vehicle financing to customers to purchase new vehicles for ride-hailing, logistics, and deliveries using a percentage of their weekly revenue.
