Moove secures USD $100 million Series B round

Moove secures USD $100 million Series B round

Abu Dhabi, 19 March 2024: Moove, the global mobility fintech that democratises access to vehicle ownership for mobility entrepreneurs, today announces that it has raised $100 million in a Series B funding round. Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor, which led Moove’s previous funding round in 2023, participated in this round alongside new investment from Uber.

The round will enable Moove to expand its global mobility business and increase vehicle supply, enabling accelerated growth in multiple geographies around the world and increased EV adoption across multiple markets.

Moove will use the funds to extend its operations to 16 markets by the end of 2025. By doing so, Moove is not only expanding its vehicle fleet but is also laying the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.

Ladi Delano, Founder of Moove, said: ”Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated by the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.

“This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey.”

Moove was founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue based vehicle financing options. From its new headquarters in the UAE, a growing hub for entrepreneurship and innovative startups, Moove has achieved rapid growth through not only support of the UAE ecosystem, but a growth in customer demand.

The partnership between Moove and Mubadala further solidifies this commitment, as Mubadala’s continued support and investment in Moove exemplify the collaboration between local investors and innovative startups to drive growth and innovation in the UAE.

The UAE stands as a pivotal market for Moove, as it was the first market where Moove launched its fully integrated charging solution, investing in a network of charging stations exclusively for Moove customers. Additionally, the UAE was Moove’s pioneer market for transitioning to a 100% EV fleet, leading to the Company providing the largest number of EV trips on the Uber platform in 2023. This strategic focus on sustainability and innovation underscores Moove’s commitment to shaping the future of mobility in the region and supporting the UAE’s vision for economic diversification and technological advancement.

To date, Moove has helped more than 20,000 mobility entrepreneurs across three continents, enabling more than 30 million Moove financed trips to date – resulting in an annual recurring revenue of over $115 million, a significant milestone on Moove’s path to profitability. Its successes have allowed the company to achieve a $750m valuation.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, commented: “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities. This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”

Ladi Delano concluded: “This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This move not only expands our operational capacity but also highlights our commitment to sustainability, with a significant focus on electric vehicles in partnership with Uber. Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future. Our global expansion is customer-centric, aimed at bringing Moove’s innovative mobility solutions to those in need across various regions. By pushing into 16 markets by the end of 2025 and enhancing our EV charging infrastructure, we’re not just growing our fleet; we’re building a more sustainable, accessible mobility ecosystem for our customers around the world.”

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About Moove

Moove is a global mobility fintech that is democratising access to financial services for mobility entrepreneurs. It does this by embedding its alternative credit scoring technology onto ride-hailing platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services. Moove operates in 9 markets across Africa, Middle East, Europe and Asia. Its customers have completed more than 30 million trips in Moove-financed vehicles to date.

Key facts

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $276 billion (AED 1,015 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.   

For more information about Mubadala Investment Company, please visit: www.mubadala.com