Moove Secures $100M Led by Uber for Ride-Hailing

Ikenna ChurchillMarch 19, 20241 Mins read953

According to TechCrunch, car-financing startup Moove has raised $100 million in a Series B round reportedly led by Uber. This funding round brings Moove’s total raised funds to approximately $460 million, with $250 million in equity and $210 million in debt.

Mubadala Investment Company, a sovereign wealth fund investor in Moove’s Series A round, also participated in the Series B round. Other investors include The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Moove, which operates in six countries, plans to expand to 16 additional markets by the end of 2025.

Bloomberg reported in February that Uber’s potential equity investment in Moove aligns with Uber’s strategy to secure a reliable pool of drivers for its ride-hailing platform. Moove’s CEO, Ladi Delano, sees this move as a validation of Moove’s business model.

Moove, founded in 2020 by Ladi Delano and Jide Odunsi, addresses the challenge of low credit access in mobility markets by offering revenue-based car financing to ride-hailing drivers. The startup enables drivers to purchase new vehicles using a share of their weekly earnings and boasts $90 million in annual recurring revenue.

In addition to its expansion plans, Moove is considering a partnership with Bolt to broaden its ride-hailing offerings in key emerging markets.

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