Nigeria’s mobility startup, Moove, has raised $76 million in a new funding round to support its sustained drive for profitability through its global expansion.
The latest fundraise, which came barely a month after the firm raised $8 million, brings the company’s total funding to over $335 million, which has now positioned the fast-growing start-up to over halfway to becoming a unicorn at $550 million valuation.
According to the owners of the company, the new funding will be used to achieve its objective of profitability over the next 12 months and finance the company’s push into new, larger markets, as well as help it grow in existing locations in Europe, the Middle East, and Africa.
The latest raise includes $28 million in equity from new and existing investors led by Mubadala Investment Company, $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior twelve months.
The company’s promoters said that $76 million would also serve as a catalyst for its expansive global presence and unwavering commitment to transforming financial services for gig workers in the mobility sector.
Speaking on the fundraising feat, Moove’s Co-Founder, Ladi Delano, said: “Our latest fundraise makes me extremely happy and proud to see that the Moove concept, which was born in Africa in 2020, and has since strengthened its position on the global stage, is being backed by and, most importantly, believed in, by two of the largest investors in the world. This is particularly true in the current fundraising environment.
“We have grown fast since our inception in 2020. Although at times it hasn’t been easy, and we have had to make tough decisions along the way (and will continue to do so), these funds will ensure we achieve our company-wide primary objective of profitability within the next year, something that, as founder, I am incredibly excited about”, Delano added
Delano maintained that the Mubadala-led financing would help Moove double down on already profitable markets including the UAE, India, UK, and South Africa, “as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
The mobility startup company was founded in 2020 in Lagos, Nigeria by co-CEOs, Ladi Delano and Jide Odunsi, and the company has through revenue-based financing, been providing flexible options for drivers who want to get into the business of ride-hailing or other gig economy services without having to borrow from car owners or borrow from bank to finance cars bought from dealerships.
