Uber makes first African investment in Moove's $100 million Series B

Pan-African mobility fintech startup Moove has secured $100 million in a Series B funding round, with ride-hailing giant Uber joining as an investor for the first time in Africa, according to TechCrunch. Uber is Moove’s largest car financing and vehicle supply partner with operations across Africa and India.

Confirming earlier reports from February by Bloomberg, pan-African fintech startup Moove closed the Series B round at a $750 million valuation. The round included other investors like The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.

Including this funding round, Moove has raised a total of $250 million in equity financing since its inception, and an additional $210 million in debt financing.

Fueled by this latest investment, Moove has growth plans, aiming to enter 16 new markets by the end of 2025. The Lagos-founded company currently operates in six countries: Nigeria, South Africa, Ghana, the UK, India, and the UAE.

Moove is also planning to go green! The mobility fintech is expanding its electric vehicle (EV) offerings across markets, starting with India. In collaboration with Uber, Moove plans to introduce over 20,000 electric vehicles to Uber's platform in India, supporting the ride-hailing startup's goal of a zero-emission fleet by 2040.

"We want to be at the forefront of electrification in the U.K. and UAE by putting more EVs on the road. But in countries like Nigeria, we hope to be at the forefront of the transition from ICE (internal combustion) engines to compressed natural gas (CNG) vehicles and then from CNG to EVs," Ladi Delano co-CEO told TechCrunch. "We’re doing a lot of work at the moment to prepare the Nigerian market for CNG transition, in the hope that will reduce the impact of the increasing fuel price on the bottom line of our customers."

Moove initially planned to sell discounted electric vehicles across Africa, hoping to make them more accessible. However, poor road conditions and a lack of charging stations throughout the continent could pose challenges. As a result, Moove is also exploring offering natural gas vehicles as an alternative option.

"We believe in the potential of the African market and our business within it, so we will continue to invest accordingly," Delano said. "However, it’s crucial for these investments to be profitable. Additionally, we will continue to assess opportunities globally and expand into markets where we see a clear path to achieving profitability or positive unit economics."