Monday May 27th, 2024
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Mobility Fintech Firm Moove Secures $100 Million From Mubadala & Uber

Founded in 2020 in Nigeria, Moove provides revenue-based vehicle financing solutions to mobility entrepreneurs.

Startup Scene

Mobility Fintech Firm Moove Secures $100 Million From Mubadala & Uber

Moove, a UAE-headquartered mobility fintech dedicated to democratizing vehicle ownership for mobility entrepreneurs, has secured $100 million in a Series B funding round. Led by Mubadala Investment Company PJSC, an Abu Dhabi sovereign investor who also led Moove's previous round in 2023, this funding includes participation from new investor Uber.

Founded in 2020 in Nigeria, Moove provides revenue-based vehicle financing solutions to mobility entrepreneurs. The influx of capital will empower Moove to expand its global mobility operations and bolster vehicle supply, fueling accelerated growth across multiple international markets and boosting electric vehicle (EV) adoption. With plans to extend operations to 16 markets by the close of 2025, Moove aims not only to grow its vehicle fleet but also to establish a more sustainable and accessible mobility ecosystem for its clientele worldwide.

“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,” Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, tells StartupScene. “This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”

The collaboration between Moove and Mubadala underscores a commitment to growth and innovation in the UAE. The UAE market is pivotal for Moove, serving as the launchpad for its integrated charging solution and transition to a 100% EV fleet. In 2023, Moove facilitated the largest number of EV trips on the Uber platform. With over 20,000 mobility entrepreneurs assisted across three continents, Moove has financed more than 30 million trips to date, boasting an annual recurring revenue surpassing $115 million and achieving a $750 million valuation.

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