Home » Meet 39-year-old Nigerian entrepreneur who has raised $191.1 million so far for his startup

Meet 39-year-old Nigerian entrepreneur who has raised $191.1 million so far for his startup

by Omokolade Ajayi
Ladi Delano

Ladi Delano, a 39-year-old Nigerian tech entrepreneur, has made a significant impact in the African tech ecosystem with his startup, Moove.

Delano co-founded the world’s first mobility fintech company three years ago.

Delano is no stranger to success. He made his first million at the age of 24 as a liquor entrepreneur in China. His entrepreneurial journey began in 2004 when he founded Solidarnosc Asia, a Chinese alcoholic beverage company that produced Solid XS, a premium brand of vodka.

He eventually sold the company to a rival liquor company for more than $15 million and used the funds to invest in his next venture, a real estate investment holding company with a focus on mainland China.

In 2012, he was recognized by Forbes as one of the youngest millionaires to watch in Africa, and he is now considered one of the wealthiest tech entrepreneurs on the African continent.

After building successful businesses in Asia, including Bakrie Delano Africa, a $1-billion joint venture with the Bakrie Group of Indonesia, Delano turned his attention to Moove.

Since its launch in 2019, the startup has expanded to nine markets in Sub-Saharan Africa and India, and it is leading the charge in the mobility fintech sector.

Moove’s commitment to democratizing access to vehicle ownership has allowed the startup to secure a total of $191.1 million in funding. In October, the tech startup raised £15 million ($16.6 million) in debt financing from Emso Asset Management to scale up its UK operations.

This new financing facility will enable Moove to scale up to 10,000 vehicles by the end of 2025, making it the largest electric vehicle partner on Uber’s platform in London.

Moove is addressing the issue of limited access to vehicle financing for gig workers in the ride-hailing, logistics, and instant delivery sectors, of which there are approximately 4.5 million in the UK alone.

The startup estimates that the 10,000 electric vehicles it plans to finance in London by 2025 will contribute to a reduction of approximately 63,000 mega-tonnes of CO2 emissions per year, helping Uber achieve its goal of becoming an all-electric platform in the city by 2025.

Delano’s success as an entrepreneur is a testament to his ability to identify and capitalize on opportunities in emerging markets. As Moove continues to expand and make an impact in the mobility fintech sector, it will be interesting to see what other ventures Delano takes on in the future.

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