Moove, an African mobility fintech, raised $100m in a Series B funding round, led by Uber and existing investor Mubadala, valuing the company at $750m.
The company announced it will use the investment to expand into 16 markets by 2025, with a focus on electric vehicles (EVs).
Go deeper with GlobalData
Moove’s financing model involves purchasing fleets of vehicles and selling them to drivers through its platform, with financing offered based on a credit-scoring system, catering to ride-hailing, logistics, and delivery purposes, including traditional and EV options.
Moove experienced financial growth, with annual recurring revenue surpassing $115m, and is projected to achieve profitability in the next financial year.
This round brings Moove’s total equity funding to $250m and debt funding to $210m since its launch in 2020.
The company is currently active in six markets, including the UK and the UAE. The UAE is a pivotal market for Moove, serving as the first market for its EV fleet.
The current financial year has been a poor year for EV manufacturers overall. Poor growth figures have led to price reductions and sell-offs as the market faces up to the difficulties of achieving profitability.
A GlobalData report suggests that only 14% of passenger vehicle sales in 2023 were EVs, and a significant number of these were in the Chinese market, which is dominated by domestic manufacturers.
The investment will allow Moove to introduce 45,000 new vehicles to its platform, supporting its drive towards profitability.
