Moove, a Nigerian mobility startup that provides finance for prominent e-taxi drivers in Africa, has secured $76 million in equity and debt to hit the $550 million mark in valuation.
In a statement, Moove disclosed that the amount comprised $28 million equity through a group of investors including Mubadala, an investment fund from Abu Dhabi.
Further, the funds comprise a $10 million debt raised from funds managed by New York-based multinational investment company- BlackRock and an additional $38 million raised in undisclosed funds.
Founded in 2020 in Lagos, Nigeria, Moove has maintained an upward trajectory as manifested by the number of partnerships with prominent taxi companies and other players in the gig economy industry.
In addition, the company has partnered with major automakers in the world including Tesla, Volkswagen, Toyota and Hyundai who avail vehicles for renting or sale.
Through its facilities, drivers are able to access financing to help them acquire cars to operate in the taxi industry.
Interested users sign up on its platform for training and assessment before proceeding to pick the vehicle. Subsequently, Moove deducts weekly rental fees from the driver’s earnings.
Expansion Strategy
Moove has since expanded its wings to several countries across the world and is now headquartered in Amsterdam in the Netherlands.
So far, the company has established operations in Egypt, South Africa, Ghana, Kenya, the U.K., India, and the UAE- among other countries.
Moove now aims to expand its wings in Africa and other countries as well as bolster its position as a major player in the democratization of vehicle ownership and empowering mobility entrepreneurship.
Commenting on the funding, Moove’s CEO and Co-Founder Ladi Delano noted that the company will look to continue its efforts of “creating life-changing opportunities for our customers”.
“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, the 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,” he notes in a statement.
“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”