Pan-African mobility fintech startup Moove has successfully secured $100 million in a Series B funding round, with ride-hailing giant Uber making its first investment in Africa, TechCrunch reports. Uber, already Moove’s largest car financing and vehicle supply partner in Africa and India, has joined as an investor.
Confirming earlier reports from February by Bloomberg, Moove closed the Series B round, valuing the company at $750 million. Other investors in the round include The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
This latest funding brings Moove’s total equity financing to $250 million since its inception, alongside an additional $210 million in debt financing.
With this significant investment, Moove aims to expand into 16 new markets by the end of 2025. Currently operating in Nigeria, South Africa, Ghana, the UK, India, and the UAE, Moove plans to extend its presence.
Moove is also committed to environmental sustainability, with plans to introduce electric vehicle (EV) offerings in collaboration with Uber. The company aims to introduce over 20,000 EVs to Uber’s platform in India, supporting Uber’s goal of a zero-emission fleet by 2040.
According to Moove’s co-CEO Ladi Delano, the company aims to lead the transition to electric and compressed natural gas (CNG) vehicles in markets like Nigeria. However, challenges such as poor road conditions and limited charging infrastructure may necessitate alternative options like CNG vehicles.
Originally planning to offer discounted electric vehicles across Africa, Moove is now exploring the possibility of natural gas vehicles due to infrastructure challenges.
Delano emphasizes the importance of profitable investments in the African market while remaining open to global opportunities that demonstrate clear paths to profitability or positive unit economics.
Source: BenjaminDada
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