Moove the African mobility fintech startup has raised $100 million in Series B and this move was led by Uber not long after investors like sovereign wealth fund Mubadala and a multitude of other investors had pushed Moove’s valuation to $750 million.

The Latest Ventures from Dubia, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa also participated in this funding round.

Cumulatively, Moove has secured $250 million in equity and $210 million in debt financing they said and this will fuel their necessary expansion. With the recent funding, Moove said “The recent funding will allow us to add 45,000 new vehicles to our fleet, with a significant focus on electric vehicles (EVs), thereby advancing our commitment to a more sustainable and accessible mobility ecosystem for our customers worldwide. Our expansion strategy is forward-looking, targeting an increase in our presence to 16 markets by the end of 2025.”

Moove currently operates in 13 cities with Nigeria, Ghana, South Africa, India, and the UAE being part of them. 

Moove has been making good financial returns from their investment, in a statement they said “Demonstrating our model's effectiveness, we achieved over $115 million in Annual Recurring Revenue last fiscal year.” It is definitely time for this round of investment so the good work can continue.

How Moove Works…

Moove purchases numerous cars and resells them to users on the platform using credit scores. The drivers can then use it for logistics, driving, and deliveries. A certain percentage of the driver’s income will then be deducted to pay back the purchase of the car.

Moove has definitely created employment opportunities for many people, giving them the freedom to do something and make money without it burning them too much especially in this economic crisis.

Uber supporting Moove, being the first investment in a startup founded by an African might be because of the competition of Bolt and the likes and still wanting to dominate the space.