BlackRock backs Uber vehicle financier Moove
Moove – a provider of vehicle loans to ride-hailing, e-logistics and instant delivery drivers – has secured $76 million in new funding. The investment consists of $28 million in equity from new and existing investors, in a process led by Mubadala Investment Company, $10 million venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior 12 months.
Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs. The business is Uber’s largest vehicle financing partner in the EMEA region.
Ladi Delano, co-founder and co-CEO of Moove said, ”We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
Faris Sohail Al Mazrui, head of ventures and growth at Mubadala added, ”Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Sean Dunne, managing director at BlackRock said, ”We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”
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