Pan-African mobility fintech startup Moove has successfully concluded a $100 million Series B funding round, with notable participation from ride-hailing giant Uber, marking its initial foray into the African investment landscape. This collaboration further cements the existing partnership between Uber and Moove, with Uber being Moove’s primary car financing and vehicle supply partner across Africa and India.
The Series B funding, which has propelled Moove to a valuation of $750 million, was corroborated by previous reports from Bloomberg in February. Alongside Uber, the round saw investment from The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
This latest injection of capital brings Moove’s total equity financing since its inception to $250 million, complemented by an additional $210 million in debt financing. Bolstered by this funding, Moove has ambitious expansion plans, aiming to penetrate 16 new markets by the end of 2025. Presently, the company operates in six countries: Nigeria, South Africa, Ghana, the UK, India, and the UAE.
In a strategic move towards sustainability, Moove is venturing into the realm of green initiatives. Collaborating with Uber, Moove intends to introduce over 20,000 electric vehicles onto Uber’s platform in India, supporting Uber’s target of achieving a zero-emission fleet by 2040. Furthermore, Moove plans to spearhead the transition from internal combustion engines to compressed natural gas vehicles in markets like Nigeria, thereby mitigating the impact of rising fuel prices.
While initially focused on distributing discounted electric vehicles across Africa, Moove is pragmatically adapting to local realities. Recognizing challenges such as poor road conditions and inadequate charging infrastructure, the company is exploring alternatives such as natural gas vehicles.
Looking ahead, Moove remains committed to tapping into the immense potential of the African market while ensuring investments are economically viable. With Uber’s backing and Moove’s innovative approach, the future of mobility in Africa appears promising, heralding a new era of sustainable transportation solutions.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
20th March, 2024
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