Uber Technologies Inc., the world-renowned provider of ride-hailing services, is currently engaged in discussions to financially support Moove, an African vehicle-financing startup led by British-Nigerian entrepreneur Ladi Delano.
Sources familiar with the negotiations have disclosed that the investment could potentially reach $100 million, marking a substantial milestone for both companies. The talks come on the heels of Moove’s recent financing success, where the company, under the guidance of Delano, secured an additional $8 million from Absa Corporate and Investment Banking (CIB) to bolster its operations in Ghana.
This move underscores Moove’s commitment to expanding its vehicle fleet and extending its market reach, with aspirations to push its enterprise value to approximately $750 million, up from its current valuation of around $650 million.
According to Bloomberg, individuals close to the matter, who spoke on condition of anonymity due to the confidential nature of the negotiations, revealed that the funding round plans are still in progress, with the final investment figure expected to fall between $75 million and $100 million, subject to change.
Moove: Revolutionizing vehicle ownership across Africa since 2020
Established in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove is dedicated to democratizing access to vehicle ownership across Africa. The company has rapidly gained traction in the mobility fintech sector, operating in nine markets spanning Sub-Saharan Africa and India.
Serving as Uber’s sole car finance and vehicle supply partner in Sub-Saharan Africa, Moove operates in key cities such as Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan. Since its inception, Moove has experienced robust growth, witnessing over 50-percent month-on-month expansion.
The company has facilitated more than 4 million rides in Moove-financed vehicles across Africa and expanded its presence into six additional cities, fostering opportunities for mobility entrepreneurs in ride-hailing, e-logistics, and fast-delivery marketplaces.
Uber’s potential investment in Moove marks a milestone for African mobility solutions
Last year, Moove concluded a $76-million equity and debt round, attracting investments from prominent entities like BlackRock Inc. and Mubadala Investment Co.
The company’s commitment to promoting mobility electrification is exemplified through initiatives such as Moove Charge, an end-to-end EV charging network app designed to facilitate seamless transitions to electric vehicles for ride-hailing drivers.
As discussions between Uber and Moove progress, both companies anticipate leveraging this potential investment to drive innovation and expand access to mobility solutions across Africa, paving the way for enhanced economic opportunities and sustainable growth in the region.
