UAE-based global mobility fintech Moove has raised $100 million in a Series B funding round after recording over $115 million in annual revenues.
Abu Dhabi sovereign investment fund Mubadala Investment Company PJSC (Mubadala) participated in the round, after leading the company’s Series A round in 2023. Moove’s partner, Uber, was a new investor in the Series B round.
Moove said it will use the funds to extend its operations to 16 markets by the end of 2025.
”Today’s announcement marks a significant milestone for us,” said Ladi Delano, Founder of Moove. “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.”
Moove was founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options.
The recent funding round will enable the company to expand its global mobility business and increase vehicle supply, enabling accelerated growth in multiple geographies and increased EV adoption across multiple markets.
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.”
The UAE was Moove’s pioneer market for transitioning to a 100% EV fleet, leading to the company providing the largest number of EV trips on the Uber platform in 2023.
To date, Moove has helped more than 20,000 mobility entrepreneurs across three continents, enabling more than 30 million Moove-financed trips to date. Its successes have allowed the company to achieve a $750 million valuation.
Last month, Mubadala and Bpifrance, the French public investment bank made a joint investment in global technology investment firm Partech’s latest Africa-focused venture capital (VC) fund, Partech Africa II.
Mubadala has also partnered with Abu Dhabi’s Artificial Intelligence and Advanced Technology Council (AIATC) and G42 to launch a new technology investment company, focused on artificial intelligence (AI); signed a $1 billion partnership with Goldman Sachs to co-invest in private credit opportunities in the Asia-Pacific region; and entered into a strategic partnership with US-based fund-of-funds venture capital firm Blue Opal Capital.
