Uber invests in Nigeria-founded mobility startup Moove

Moove, a startup founded in Nigeria to help individuals finance vehicles to be used in ride-sharing and delivery efforts, has raised $100 million in Series B funding with participation from Uber.

Additional investors include Mubadala Investment Company, the Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG and Future Africa. The round puts Moove’s post-money valuation at $750 million. 

Founded in 2020 in Lagos, Nigeria, Moove said it has helped finance vehicles for more than 20,000 customers across Africa, the Middle East, India and the United Kingdom who have provided more than 30 million trips in those cars, primarily on Uber.

Moove buys vehicles — including cars, bikes, motorcycles and trucks — and enables drivers to work toward ownership by making weekly payments.

With this funding, the company said it will expand to 16 emerging markets around the world by the end of 2025 and will add 45,000 vehicles to its ecosystem.

“Today's announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over 2 million African mobility entrepreneurs faced,” said Ladi Delano, founder of Moove.

“This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum.”

Moove is now based in the United Arab Emirates, where it has transitioned to a fully electric fleet, making it the top provider of electric vehicle trips on Uber’s UAE platform. 

"We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove's vision and capabilities,” said Ali Eid Al Mheiri, executive director of UAE Diversified Assets at Mubadala’s UAE Investments Platform.

“This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”

This latest round brings Moove’s total equity funding to $250 million and debt funding to $210 million.