Uber Technologies Inc. is reportedly in discussions to support African vehicle-financing startup Moove in a potential funding round reaching up to $100 million.
According to sources familiar with the matter, Uber is set to become part of a consortium of investors contributing to the fund. The fund could elevate Moove’s enterprise value to approximately $750 million from its current $650 million valuation..
The US ride-hailing firm will join a group of investors in the cash raise. This will push Moove’s enterprise value to about $750 million from about $650 million.
The funding round has not yet concluded and the final figure could still change, ranging between about $75 to $100.
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About Nigerian Startup -Moove
Moove is a Nigerian-born global start-up founded by Ladi Delano and Jide Odunsi in 2020. Moove was founded in response to the challenge faced by over 2 million African mobility entrepreneurs. More so, those that lack access to vehicle financing.
Moove was initially built to solve this problem in Lagos and has since expanded to 6 cities across Africa. The company is now taking it’s revenue-based financing model globally to serve the millions of mobility entrepreneurs.
Likewise, those in emerging markets around the world who have limited or no access to a vehicle or vehicle financing.
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Moove Initiatives
In September 2022, Moove launched its vehicle financing service in London. During that time it offered a 100 per cent rent-to-buy model for electric vehicles.
Uber drivers applying for Moove financing can also benefit from reduced weekly payments. This can be through Uber’s Clean Air Plan. The plan supports their switch to electric vehicles.
In December 2022, Moove entered the UAE. The move was aimed to ensure that at least 60 per cent of the vehicles they finance globally are electric.
Moove has emerged as Uber’s primary vehicle financing partner in Europe. At the same time, the Middle East, and Africa. The company now boasts the largest electric vehicle fleet on the Uber platform in the United Arab Emirates.
More over, the company currently intends to concentrate on its lucrative markets in the UAE, India, the United Kingdom, and South Africa.