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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