Moove closes a $100 million Series B financing round

Moove, the pioneering global mobility fintech committed to making vehicle ownership accessible to mobility entrepreneurs, has just secured a significant milestone with a Series B funding round of $100 million. Spearheaded by Mubadala Investment Company PJSC (Mubadala), an esteemed Abu Dhabi sovereign investor who also championed Moove's previous funding round in 2023, this new round sees the entry of Uber among investors.

This capital infusion marks a pivotal moment for Moove, poised to propel its global mobility business to new heights. With a focus on expanding vehicle supply, the funding will facilitate accelerated growth across diverse geographies worldwide, while also fostering greater adoption of electric vehicles (EVs) in various markets. The funds secured will fuel Moove's ambitious plans to extend operations to 16 markets by the conclusion of 2025. Beyond simply augmenting its vehicle fleet, Moove is laying the foundation for a more sustainable and inclusive mobility ecosystem, thereby enhancing accessibility for customers on a global scale.

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.”

Established in 2020, Moove embarked on a mission to foster connections between mobility entrepreneurs and equitable, accessible, cost-effective vehicle financing solutions. Nestled in the burgeoning entrepreneurial landscape of the UAE, Moove swiftly garnered momentum, propelled not only by the supportive UAE ecosystem but also by surging customer demand. The alliance between Moove and Mubadala further cements this dedication, as Mubadala's unwavering backing and investment in Moove epitomize the synergy between local investors and pioneering startups, propelling growth and innovation within the UAE.

The UAE emerges as a pivotal market for Moove, serving as the launch pad for its fully integrated charging solution—an investment in a dedicated network of charging stations exclusively tailored for Moove customers. Moreover, the UAE stood as Moove's vanguard market for transitioning to a 100% electric vehicle (EV) fleet, resulting in the company facilitating the highest number of EV trips on the Uber platform in 2023. This strategic pivot towards sustainability and innovation underscores Moove's dedication to shaping the future of mobility in the region while bolstering the UAE's vision for economic diversification and technological advancement. To date, Moove has empowered over 20,000 mobility entrepreneurs across three continents, facilitating more than 30 million financed trips. This translates to an annual recurring revenue surpassing $115 million—an emblematic milestone on Moove's journey towards profitability. These achievements have propelled the company to a valuation of $750 million, marking a significant milestone in its trajectory.

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 aims 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 worldwide."