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    Friday, August 11, 2023

    Moove Raises $76 million to Fuel Further Global Expansion

    Nigerian-born mobility fintech company, Moove, has raised $76 million in new funding to build the largest tech-driven financial services platform for mobility entrepreneurs.

    The financing consists of $28 million in equity, $10 million in venture debt from funds and accounts, and $38 million in previously undisclosed funds raised over the past year.

    BlackRock manages the venture debt, while Mubadala Investment Company led the equity round, which included new and existing investors.

    The funding marks the beginning of a partnership in which Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, will join the advisory board of Moove.

    Launched in 2020 to assist African mobility entrepreneurs in obtaining vehicle financing, Moove plans to further its global reach by launching several new products.

    The startup, which plans to achieve profitability by the end of the current fiscal year, will speed up its product development and continue to invest in improving the customer experience.

    It will also focus even more on its lucrative markets, such as the United Arab Emirates, India, the United Kingdom, and South Africa.

    In July 2023, the mobility fintech announced its $8 million funding from Absa Corporate and Investment Banking (CIB) to significantly expand its existing fleet of Suzuki S-Presso vehicles assembled in Ghana.

    After raising over $140 million in four funding rounds, the mobility startup announced in December 2022 that it had laid off its employees.

    A few days later, the company secured an additional $30 million in December 2022, bringing the total amount raised to $181.8 million.

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