Moove has announced securing a remarkable $100 million in its Series B funding round. This substantial investment, backed by industry giants Uber and Mubadala, marks a pivotal moment for Moove as it solidifies its position as a leader in democratizing access to vehicle ownership for mobility entrepreneurs worldwide.
Founded in 2020 by Ladi Delano, Moove emerged with a mission to address the acute shortage of vehicle financing faced by over two million African mobility entrepreneurs. Today, with the backing of major players like Uber and Mubadala, Moove’s vision has evolved into a palpable reality, empowering entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options.
The Series B funding will propel Moove’s expansion efforts, particularly in scaling its customer-focused revenue-based vehicle financing offering to 16 markets globally by the end of 2025. A significant portion of this expansion will focus on advancing sustainable mobility solutions, with a strategic emphasis on electric vehicles (EVs). By investing in EV infrastructure and transitioning to a 100% EV fleet, Moove is paving the way for a more sustainable and accessible mobility ecosystem for its customers worldwide.
The partnership between Moove and Mubadala highlights the collaborative spirit driving innovation within the UAE’s startup ecosystem. With the UAE serving as a pivotal market for Moove, the company has demonstrated its commitment to sustainability and innovation by launching initiatives like integrated charging solutions and transitioning to a 100% EV fleet.
Looking ahead, Moove aims to introduce 45,000 new vehicles to its platform, expanding its operational capacity and driving towards profitability by the next financial year. With a focus on sustainability, customer-centricity, and profitability, Moove is poised to lead the electrification of mobility and steer the world towards a zero-emission future.
