Moove, a car-financing business that lets anyone interested in ride-hailing purchase a brand-new vehicle and pays for it over four years in instalments, has raised $100 million in a Series B round led by Uber.
Uber confirmed the funding in a post on its official LinkedIn account on Tuesday.
The mobility fintech reckoned that Uber led the Series B round with participation from Mubadala, thelatest.ventures, AfricInvest Group, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.
This marked the company’s first investment in Africa, according to individuals close to the transaction.
The latest funding as per experts indicates an effort by Uber—which has collaborated with several companies, including Kobo and SWVL—to find a steady supply of drivers for its ride-hailing network.
While thanking their investors, Moove said: “This round fuels our ambition to introduce 45,000 new vehicles, with a keen focus on electric vehicles (EVs), propelling us towards a more sustainable
future. Our vision extends to broadening our footprint to 16 markets by the end of 2025.“
”Heartfelt thanks to every investor, partner, and member of the Moove community. Your trust and support are our driving force.”
Ladi Delano, CEO of Moove, sees the action as a confirmation of the company’s business plan.
With a strong emphasis on electric vehicles (EVs), he added that the current funding would enable them to add 45,000 new cars to our fleet, furthering their commitment to a more accessible and sustainable mobility ecosystem for our consumers globally.
“Our expansion strategy is forward-looking, targeting an increase in our presence to 16 markets by the end of 2025,” the company posted on its expansion plan.
A Bloomberg report from last month is confirmed by the news. AfricInvest, Palm Drive Capital, Triatlum Advisors, Future Africa, and Dubai-based The Latest Ventures were also involved in the investment round.
Thus far, the company has raised $210 million in debt and $250 million in equity.
