Uber leads Moove's $100m Series B round

Company valued at $750 million.

Moove founders Jide Odunsi (left) and Ladi Delano

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Moove – a provider of vehicle loans to ride-hailing, e-logistics and instant delivery drivers – has raised $100 million in a Series B funding round, valuing the company at $750 million. Uber invested in the round alongside existing investors Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.

The round will enable Moove to expand its revenue-based vehicle financing offering to 16 markets around the world by the end of 2025. A considerable portion of this expansion will focus on electric vehicles (EVs).

Ladi Delano, founder of Moove, said: “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 two million African mobility entrepreneurs faced.

“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. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey.”

Delano concluded: "This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer focused and profitable way. Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future.."

BofA Securities acted as financial adviser to Moove.

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