Moove is the Uber-backed Nigerian company that finances vehicles to ride-hailing firms. It wants to raise $300-million in a new funding round, which could push its valuation beyond $1 billion. The Information
Moove is experiencing rapid growth at the time of this planned raise. The company announced last year a partnership with Waymo – Alphabet’s division for self-driving vehicles – to manage and run fleets of autonomous cars in Phoenix, Arizona and Miami, Florida. Moove is responsible for cleaning, charging and storing Waymo’s electric robotaxis as the self driving service expands into new U.S. market.
Moove raised $750 in debt and equity with Uber and Mubadala Investment Company as backers. In 2024, Moove raised 100 million dollars at a valuation $750 million from investors such as Uber, which has a stake in the company of more than 10%, and Mubadala Investment Co. In January, the company Moove significantly increased its revenue after it acquired Kovi a Brazilian urban mobility company that finances ride-hailing driver. The company’s revenue is now reported to be $360 million annually, up from $115 millions just over a month ago. This was largely due to its core business, which involves lending money to Uber drivers, and its growing fleet-management operations in the U.S. The new revenue pace indicates that Moove generates $30 million in revenue per month.
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Founded in 2011 by Ladi delano and Jide odunsi, this mobility fintech purchases cars using bank loans and then offers them to Uber drivers via a drive-to own model. Drivers in Africa and India can pay for cars with their earnings, and eventually own them. Moove has recently expanded its robotaxi management to include cleaning, charging and storage of the cars when they are not in use. The company employs more than 2,100 people in total, and recently hired 90 new staff members to support its expanding operations. This latest funding effort highlights Moove’s ambition to become a major player in the autonomous mobility eco-system, not only by operating a fleet for Waymo, but also potentially leasing mini fleets of robotaxis in the future to entrepreneurs and business. Moove’s agreement with Waymo, according to cofounder Ladi Delano, is limited to fleet management. The company is eyeing a broader role in the autonomous vehicle ecosystem, with plans to purchase AV-enabled cars directly from manufacturers and lease mini-fleets of robotaxis to individuals–potentially former ride-hailing drivers–or businesses looking to operate at scale. Moove will continue to oversee depot operation, including charging, storage, cleaning, and maintaining the vehicles.
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