Total amount raised
$444 Millions
Latest funding date
Location
Moove has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers innovative vehicle ownership and financing solutions, aiming to make vehicle ownership accessible to a broader audience.
Keep reading to explore the intricacies of Moove's fundraising journey and the investors backing this transformative platform.
What Is Moove?
Moove, founded in 2020, is headquartered in Lagos, Nigeria. The company was established by Ladi Delano and Jide Odunsi. With a team of over 200 employees, Moove focuses on providing vehicle financing and ownership opportunities.
How Much Funding Has Moove Raised?
- Series A
- Amount Raised: $65M
- Date: March 2022
- Lead Investors: Left Lane Capital, Speedinvest, Thelatest.ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand vehicle financing solutions.
- Debt Financing
- Amount Raised: $20M
- Date: June 2022
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of vehicle financing services.
- Debt Financing
- Amount Raised: $20M
- Date: July 2022
- Lead Investors: Absa CIB
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase vehicle supply and enhance service offerings.
- Debt Financing
- Amount Raised: £15M
- Date: October 2022
- Lead Investors: Emso Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve financial stability.
- Debt Financing
- Amount Raised: $30M
- Date: December 2022
- Lead Investors: Franklin Templeton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational expansion.
- Debt Financing
- Amount Raised: $8M
- Date: July 2023
- Lead Investors: Absa CIB
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance vehicle financing capabilities and market presence.
- Private Equity Round
- Amount Raised: $66M
- Date: August 2023
- Lead Investors: Mubadala
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and innovation in vehicle financing.
- Debt Financing
- Amount Raised: $10M
- Date: August 2023
- Lead Investors: BlackRock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of vehicle financing services.
- Debt Financing
- Amount Raised: $10M
- Date: February 2024
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support growth.
- Series B
- Amount Raised: $100M
- Date: March 2024
- Lead Investors: Uber
- Valuation at Round: $750M
- Motivation Behind the Round: To expand globally and focus on electric vehicles.
Total Amount Raised: $339M. Current Valuation: $750M.
Key Investors
- Uber
- Details: Uber is a global ride-hailing company that has diversified into various areas such as food delivery (Uber Eats), freight, and autonomous vehicles. It is known for revolutionizing urban transportation and expanding its services worldwide.
- Investment Focus Areas: Ride-hailing, food delivery, freight, autonomous vehicles.
- Notable Investments: Lime (electric scooters), Postmates (food delivery), Aurora (self-driving technology).
- Mubadala
- Details: Mubadala is a state-owned holding company based in Abu Dhabi, UAE, managing a global portfolio of assets. It focuses on fostering innovation and economic diversification.
- Investment Focus Areas: Aerospace, ICT, semiconductors, metals & mining, renewable energy, utilities.
- Notable Investments: AMD (semiconductors), GlobalFoundries (semiconductor manufacturing), Cepsa (energy).
- Left Lane Capital
- Details: Left Lane Capital is a venture capital firm that invests in high-growth internet and consumer technology companies. It aims to support companies that have the potential to become market leaders.
- Investment Focus Areas: Consumer technology, internet, software.
- Notable Investments: GoStudent (online tutoring), MasterClass (online education), M1 Finance (financial services).
- Speedinvest
- Details: Speedinvest is a European venture capital firm that invests in early-stage technology startups. It provides operational support and strategic guidance to its portfolio companies.
- Investment Focus Areas: Fintech, deep tech, digital health, marketplaces, SaaS.
- Notable Investments: Wefox (insurtech), Bitpanda (cryptocurrency trading), TIER Mobility (e-scooters).
- BlackRock
- Details: BlackRock is a global investment management corporation, known for its extensive range of investment products and services. It manages assets for clients worldwide, including institutions and individuals.
- Investment Focus Areas: Asset management, financial services, technology.
- Notable Investments: Apple (technology), Microsoft (technology), Amazon (e-commerce).
What's Next for Moove?
Moove's future is brimming with opportunities as it plans to expand into 16 global markets by the end of 2025. The company aims to introduce 45,000 new vehicles, with a significant focus on electric vehicles (EVs), creating a sustainable and accessible mobility ecosystem. This expansion is set to tap into the growing demand for EVs and revenue-based vehicle financing, particularly in regions with vehicle financing shortages.
Given the successful Series B funding round and the company's ambitious plans, future fundraising opportunities are likely. Continued support from major investors like Uber and Mubadala, along with the increasing interest in sustainable mobility solutions, positions Moove well for additional investment rounds. These funds will be crucial for scaling operations and enhancing technological capabilities.
However, Moove will face challenges such as navigating regulatory environments in new markets and ensuring the availability of EV charging infrastructure. Competition from other mobility fintech companies and traditional vehicle financing institutions will also be a hurdle. Despite these challenges, Moove's strategic partnerships and focus on innovation provide a solid foundation for overcoming these obstacles and achieving its growth objectives.
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