African-founded mobility FinTech Moove has announced a new funding round, securing a total amount of $76m.
The company secured $76m in new funding. This amount consists of $28m in equity from new and existing investors, led by Mubadala Investment Company, $10m in venture debt from funds managed by BlackRock, and $38m in previously undisclosed funds raised over the past year.
Moove is a response to the lack of vehicle financing available to over two million African mobility entrepreneurs. Since its inception, it has experienced significant growth and now operates across 13 markets. The business is Uber’s largest vehicle financing partner in EMEA and operates the largest electric vehicle fleet on the Uber platform in the UAE.
The new funding will be used to continue Moove’s mission to build the largest tech-driven financial services platform for mobility entrepreneurs. They plan to strengthen their global position, expand further, launch new products, and aim to reach profitability by the company’s year-end.
The investment marks the beginning of a partnership that will see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, join Moove’s advisory board. Moove has experienced 17x revenue growth since its Series A funding two years ago, empowering over 12k customers who have completed over 22 million trips in Moove-financed vehicles.
Moove co-founder and co-CEO Ladi Delano 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.”
Sean Dunne, Managing Director, 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.”
Since its Series A fundraise two years ago, Moove has gone from strength to strength, experiencing 17x revenue growth.
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