Moove Secures N43.5 Billion Funding to Scale Across Africa, Middle East, Asia and Europe

Moove Secures N43.5 Billion Funding to Scale Across Africa, Middle East, Asia and Europe

  • Moove, a pan-African mobility fintech firm has raised N43.5 billion in financing to provide vehicle funding to drivers of ride-hail companies
  • The two-year-old company had previously raised N4.1 billion in February and N9.5 billion in August last year
  • In all, it has raised over N73 billion in its two-year existence as it hopes to use the funds to expand into seven new markets

Nigeria-based Africa mobility fintech firm, Moove has secured over N43 billion in new funding to give vehicle financing to drivers of ride-hail companies like Uber and gig networks in seven new frontiers across the Middle East, Africa, Asia and Europe in the next six months.

This comes after the startup got N4.15 billion in February and another N9.5 billion in August 2021 last year.

Moove founders, Jide Odunsi and Ladi Delano
Moove founders, Jide Odunsi and Ladi Delano
Source: UGC

What the company wants to do with the funding

The company stated that the funds will give its freelancers in other vehicle categories like tricycles and buses the needed leverage to accelerate the businesses.

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The latest funding was led by investors such as Speedinvest, Left Lane Capital. Other VCs include AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.

The financing will let the start-up grow across its present markets and move into new markets outside Africa.

What founders are saying

Co-founder and CEO of Moove, Ladi Delano said the start-up has provided financial independence through vehicle ownership for some of their customers who have finished the programme in different markets.

The CEO said the company is aiming at seven different new markets in Asia, the Middle-East and Europe in the next six months.

Jide Odunsi, a co-founder and CEO stated that the problems of lack of access to funding for mobility entrepreneurs are not just African problems.

Moove which was launched in 2020 has a presence in six African countries: Nigeria, Ghana, South Africa and Kenya.

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In all, the two-year-old start-up has raised over N72.3 billion.

Esusu joins The league of unicorns with a New N53.9 billion funding has previously reported that one of Nigeria's startup, Esusu has raised N53, 950 billion in a new funding to heighten its fintech services and reach to immigrant and minority groups as well as provision of rent reporting and data solutions for credit building.

The fund gives the startup led by a Nigerian and Indian a N415 billion ($1 billion) valuation, making it one of the very few unicorns owned by Blacks in the United States.

The funding which is led by a prominent VC firm, Softbak Vision Fund 2, also saw Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital participate.


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