Nigeria-founded mobility fintech company Moove, which democratises access to vehicle ownership for mobility entrepreneurs, has raised raised US$250 million in a Series C round at a US$2.1 billion valuation.
Founded in 2020 by Ladi Delano and Jide Odunsi to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options, Moove embeds its alternative credit scoring technology onto ride-hailing platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services.
The company currently operates around 42,000 vehicles across 29 cities in 13 countries, employs 3,300 people, generates US$420 million in annual recurring revenue (ARR), and manages autonomous vehicle fleets through its partnership with Waymo in Phoenix and Miami, with London set to follow.
Disrupt Africa reported in March 2024 the company had raised US$100 million in a Series B funding round, and it has now banked a further US$250 million. This takes total raised capital to over US$710 million and values the company at US$2.1 billion.
The round was led by Mubadala Investment Company, Woven Capital – Toyota’s growth fund, and Ion Pacific, with participation from BlueCrest Capital Management and Sona Capital. The funding will be used to expand Moove’s autonomous vehicle business, build additional robotics-first Nests infrastructure, enter new markets, and grow its autonomous mobility workforce by more than 220 per cent, from approximately 150 to 500 employees by the end of the year.
“Every major technology revolution becomes an infrastructure race. The internet required data centres. AI requires compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city – and that is what Moove is building. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them,” said Delano.
“We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform. Today, we are focused on building the platform that will redefine mobility and enable billions of autonomous journeys worldwide.”
