Moove Secures $100 Million Funding from Uber and Mubadala
Moove, the global mobility fintech company that aims to make vehicle ownership more accessible for mobility entrepreneurs, has announced today that it successfully raised $100 million in a Series B funding round. This funding round has valued the company at $750 million. Uber participated in this round, along with Mubadala, who led Moove’s previous funding round in 2023.
This new funding will allow Moove to expand its revenue-based vehicle financing services to 16 markets worldwide by the end of 2025. A significant portion of this expansion will focus on electric vehicles (EVs), paving the way for a more sustainable and inclusive mobility ecosystem for customers globally.
Ladi Delano, the Founder of Moove, expressed his excitement about this milestone, stating that the company was founded in 2020 to address the lack of vehicle financing options for over two million African mobility entrepreneurs. He also thanked Uber and other investors for their support, emphasizing the positive impact Moove’s products have on its customers’ lives.
Established in 2020, Moove connects mobility entrepreneurs with fair and affordable revenue-based vehicle financing solutions. Now headquartered in the UAE, Moove’s partnership with Mubadala showcases how collaboration between local investors and startups can drive growth and innovation both locally and globally.
The UAE serves as a crucial market for Moove, as it was the initial market where Moove introduced its fully integrated charging solution. The company made significant investments in establishing a network of charging stations exclusively for Moove customers. Moreover, the UAE played a pioneering role for Moove’s transition to a 100% electric vehicle fleet, resulting in the company providing the highest number of electric vehicle trips on the Uber UAE platform in 2023. This strategic emphasis on sustainability and innovation highlights Moove’s dedication to shaping the future of mobility in the region and supporting the UAE’s vision for economic diversification and technological advancement.
Moove has been instrumental in supporting over 20,000 mobility entrepreneurs across three continents, facilitating more than 30 million Moove financed trips to date. This achievement has led to an annual recurring revenue exceeding $115 million, marking a significant milestone on the path to profitability.
Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, expressed his pride in continuing to support Moove through a second round of funding. This not only demonstrates their commitment to nurturing the startup ecosystem in the UAE but also reflects their renewed trust in Moove’s vision and capabilities. This follow-on investment aligns with Mubadala’s strategy of deploying capital to drive positive change in communities and foster innovation and entrepreneurship throughout the UAE.
Ladi Delano, in conclusion, stated that this recent investment is a game-changer for Moove, enabling them to significantly expand their offerings by introducing 45,000 new vehicles to their platform. This funding milestone not only enhances their operational capacity but also supports their goal of achieving profitability by the next financial year. Moove remains committed to building a sustainable, customer-focused, and profitable business. Their aim is to be at the forefront of the electrification of mobility, contributing to a zero-emission future. BofA Securities is acting as the financial advisor for Moove
