• Thursday, April 18, 2024
businessday logo

BusinessDay

Moove secures $100million to drive EV expansion

Moove secures $100million to drive EV expansion

Moove, a mobility fintech startup, has secured $100 million in a series B funding round to drive its electric vehicles (EVs) expansion plan.

This funding round raised the startup’s valuation to $750 million. In a statement announcing the round, the startup said it would enable it to expand its vehicle financing offering to 16 markets around the world by the end of 2025. It noted that a considerable portion of the expansion will focus on EVs.

Uber invested in the round alongside Mubadala, who led the previous funding round in 2023. Other investors include The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.

Since its inception, the company has raised over $250 million in equity and over $210 million in debt funding.

Ladi Delano, founder of Moove, said, “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…”

He stated that the company would expand its carpool by adding 45,000 new cars to its platform.

“This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer focused and profitable way. 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,” he added.

Moove was founded in 2020 to connect mobility entrepreneurs with revenue-based vehicle financing options. The firm, which recently moved its headquarters to the UAE, said the country is one of its pivotal markets because it launched its fully integrated charging solution and has invested in a network of charging stations exclusively for its customers.

It added that the UAE is a pioneer market in its move to have a 100 percent EV fleet. It added that it has so far helped more than 20,000 mobility entrepreneurs across three continents and enabled more than 30 million financed trips, resulting in an annual recurring revenue of over $115 million.