Total amount raised
$444 Million
Latest funding date
3/1/2024
Location
Moove has successfully raised funding over 16 rounds, with the latest being a Series B. The company is backed by 40 investors, including Palm Drive Capital and Triatlum Advisors.
Keep reading to explore the intricacies of Moove's fundraising journey and the investors backing this innovative platform.
What Is Moove?
Moove is a technologically integrated vehicle financing platform aimed at mobility entrepreneurs. Operating in the automotive, financial services, and fintech industries, the company is based in Lagos, Nigeria, and has a significant employee base ranging from 1001 to 5000 employees.
Moove offers vehicle ownership and financing solutions, emphasizing gender equality, clean energy, and financial inclusion. The company is private and currently in the Series B funding stage, having raised funds through 16 rounds with 40 investors. Moove has also made an acquisition, purchasing Kovi.
How Much Funding Has Moove Raised?
- Series B
- Amount Raised: USD 100,000,000
- Date: March 2024
- Lead Investors: Uber
- Valuation at Round: USD 750,000,000
- Motivation Behind the Round: To expand Moove's vehicle financing offerings to 16 markets globally by the end of 2025, with a significant focus on electric vehicles (EVs).
- Debt Financing
- Amount Raised: USD 10,000,000
- Date: February 2024
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expansion and enhance financial stability.
- Debt Financing
- Amount Raised: USD 10,000,000
- Date: August 2023
- Lead Investors: BlackRock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase vehicle supply and support market expansion.
- Private Equity
- Amount Raised: USD 66,000,000
- Date: August 2023
- Lead Investors: Mubadala
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance market presence.
- Debt Financing
- Amount Raised: USD 8,000,000
- Date: July 2023
- Lead Investors: Absa CIB
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and operational growth.
- Debt Financing
- Amount Raised: USD 30,000,000
- Date: December 2022
- Lead Investors: Franklin Templeton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support market expansion.
- Undisclosed
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational growth and market expansion.
- Debt Financing
- Amount Raised: GBP 15,000,000
- Date: October 2022
- Lead Investors: Emso Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and operational growth.
- Debt Financing
- Amount Raised: USD 20,000,000
- Date: July 2022
- Lead Investors: Absa CIB
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support market expansion.
- Debt Financing
- Amount Raised: USD 20,000,000
- Date: June 2022
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational growth and market expansion.
Total Amount Raised: USD 274,000,000. Current Valuation: USD 750,000,000.
Key Investors
- Uber
- Details: Uber Technologies, Inc. is an American technology company known for its ride-hailing services. It has expanded its services to include food delivery, freight, and electric bikes and scooters.
- Investment Focus Areas: Mobility, transportation, logistics, technology.
- Notable Investments: Lime, Aurora, Cornershop.
- Mubadala
- Details: Mubadala Investment Company is a sovereign wealth fund owned by the government of Abu Dhabi in the United Arab Emirates. It manages a diverse portfolio of investments across various sectors globally.
- Investment Focus Areas: Aerospace, ICT, semiconductors, metals & mining, renewable energy, oil & gas, petrochemicals, utilities, healthcare, real estate, financial investments.
- Notable Investments: GlobalFoundries, Cepsa, Yahsat, Masdar.
- Palm Drive Capital
- Details: Palm Drive Capital is a venture capital firm that invests in technology companies. Specific details about the firm were not provided in the sources.
- Investment Focus Areas: Technology companies.
- Notable Investments: Not publicly disclosed.
- Triatlum Advisors
- Details: Triatlum Advisors is an investment advisory firm. Specific details about the firm were not provided in the sources.
- Investment Focus Areas: General investment advisory.
- Notable Investments: Not publicly disclosed.
- Future Africa
- Details: Future Africa is a venture capital firm investing in African startups. Specific details about the firm were not provided in the sources.
- Investment Focus Areas: African startups, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for Moove?
Moove's future is brimming with opportunities as it aims to expand its vehicle financing services to 16 global markets by the end of 2025. The company plans to introduce 45,000 new vehicles, with a significant focus on electric vehicles (EVs), to create a sustainable mobility ecosystem. This expansion is poised to serve over two million mobility entrepreneurs, driving substantial growth and innovation in the industry.
Given the successful Series B funding round, future fundraising opportunities are likely to include additional equity and debt financing rounds. Strategic partnerships with major players in the mobility and fintech sectors could further bolster Moove's growth. The company's commitment to sustainability and innovation positions it well for continued investment and potential acquisitions to enhance its technological capabilities and market reach.
However, Moove will face challenges such as scaling operations across multiple international markets, navigating diverse regulatory environments, and ensuring the profitability of its expansions. The transition to a 100% EV fleet and the development of the necessary infrastructure will also be critical hurdles. Despite these challenges, Moove's strategic focus and robust support from investors like Uber and Mubadala provide a strong foundation for its ambitious goals.
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