Moove, a global mobility fintech that democratises access to vehicle ownership for mobility entrepreneurs has raised $100 million in a Series B funding round.
Significantly the round includes new investment from Uber in addition to further funding from Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor, which led Moove’s previous funding round in 2023.
Moove said it will use the funds to extend its operations to 16 markets by the end of 2025. As part of these plans it will expand its vehicle fleet but also lay the groundwork for a more sustainable and accessible mobility ecosystem, Moove said.
Ladi Delano, Founder of Moove, said: ”Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated by 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.”
What does Moove do?
Moove was founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue based vehicle financing options. From its new headquarters in the UAE, a growing hub for entrepreneurship and innovative startups, Moove’s growth has surged, supported by both the UAE ecosystem and a growth in customer demand.
The UAE stands as a pivotal market for Moove, as it was the first market where Moove launched its fully integrated charging solution. Additionally, the UAE was Moove’s pioneer market for transitioning to a 100% EV fleet, with the company providing the largest number of EV trips on the Uber platform in 2023.
Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, said: “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.”
Ladi Delano added: “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 move not only expands our operational capacity but also highlights our commitment to sustainability, with a significant focus on electric vehicles in partnership with Uber.”
