Moove Secures $100 Million in Series B Funding Round

Moove, the global mobility fintech dedicated to democratizing vehicle ownership for mobility entrepreneurs, has announced a significant achievement today with the closure of a $100 million Series B funding round. The investment, led by Mubadala Investment Company (Mubadala) and joined by Uber, underscores Moove’s position as a key player in the evolving landscape of global mobility solutions. 

This latest funding round marks a pivotal moment for Moove, empowering the company to expand its global mobility business and bolster vehicle supply, thus facilitating accelerated growth across multiple regions worldwide and promoting increased adoption of electric vehicles (EVs) in diverse markets. 

Investors participating in the round include Uber as well as existing investors Mubadala, The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa 

With plans to extend operations to 16 markets by the end of 2025, Moove aims not only to enlarge its vehicle fleet but also to pave the way for a more sustainable and accessible mobility ecosystem globally. The infusion of capital represents a significant milestone in Moove’s journey, transforming its vision into a tangible reality. 

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.” 

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.” 

Founded in 2020, Moove has rapidly emerged as a leader in providing fair, accessible, and affordable vehicle financing options to mobility entrepreneurs. Operating from its headquarters in the UAE, Moove has witnessed significant growth, fueled by support from the local ecosystem and increasing customer demand. 

The partnership between Moove and Mubadala reaffirms the collaborative efforts between local investors and innovative startups to drive growth and innovation in the UAE. The UAE market holds strategic importance for Moove, being the launchpad for its integrated charging solution and transition to a 100% EV fleet. 

To date, Moove has empowered over 20,000 mobility entrepreneurs across three continents, facilitating more than 30 million financed trips and achieving an annual recurring revenue of over $115 million. The recent funding round propels Moove’s valuation to $750 million and positions the company for further expansion and innovation in the global mobility sector. 

Moove’s ambitious plans to expand into 16 markets by 2025 and enhance its EV charging infrastructure underscore its commitment to sustainability and accessibility in the mobility sector. By leveraging innovative solutions and strategic partnerships, Moove aims to shape the future of mobility while advancing the UAE’s vision for economic diversification and technological advancement.