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Uber Explores $100 Million Investment in Nigerian Startup Moove

Uber Technologies Inc. is currently engaged in discussions to invest in Moove, an African auto-financing startup. Sources familiar with the matter suggest that Uber’s potential investment could range between $75 million and $100 million, as part of a larger funding round.

The proposed investment would significantly enhance Moove’s valuation, potentially reaching around $750 million, a notable increase from its current $650 million valuation. This development reflects Africa’s growing tech landscape, driven by rapid population growth and increased technological adoption across various sectors.

Moove, founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, initially aimed to address the financing needs of aspiring ride-hailing drivers in Nigeria. Since then, the startup has expanded its operations beyond Nigeria, now operating in several countries across Africa, as well as in the UK, UAE, and India.

Central to Moove’s business model is its provision of vehicle financing for drivers engaged in ride-hailing, delivery, and logistics services. Through a sophisticated credit-scoring system tied to drivers’ earnings, Moove has established a strong partnership with Uber, further driving its growth.

Last year, Moove concluded a successful funding round, securing $76 million in debt and equity investments from prominent financial firms like BlackRock Inc. and Mubadala Investment Co. While neither Uber nor Moove representatives have officially commented on the ongoing negotiations, the potential investment underscores the increasing interest in Africa’s tech-driven ventures and its potential as an attractive market for innovation and investment.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

February 26th, 2024

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