Uber-Backed Moove Targets $2 Billion Valuation, Eyes Autonomous Vehicle Expansion
African vehicle-financing innovator Moove, a startup notably backed by Uber Technologies Inc., is reportedly on the cusp of a significant fundraising milestone. According to sources close to Bloomberg, Moove is actively seeking to secure over $300 million in fresh capital, aiming for a valuation surpassing $2 billion. This strategic funding round would firmly establish Moove as one of Africa’s most valuable tech enterprises, positioning it alongside other fintech titans such as Flutterwave and Interswitch. The infusion of new funds is earmarked specifically for accelerating the company’s ambitious venture into the autonomous vehicle sector, signaling a pivotal expansion beyond its current core operations.
Moove’s Meteoric Rise and Strategic Future
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove leverages a unique credit scoring system to empower drivers with vehicle financing, particularly in the burgeoning ride-hailing and logistics sectors. The company’s growth trajectory has been nothing short of remarkable; its revenues surged from $50 million in 2024 to an annualized recurring revenue of nearly $400 million this year. Demonstrating robust financial health, Moove achieved EBITDA break-even in September 2024. This latest funding pursuit follows a substantial $1 billion in debt financing secured in July, which was intended to expand its vehicle fleet and scale operations in the U.S., notably through a partnership with Alphabet’s Waymo. Moove’s rapid ascent underscores the increasing global prominence of African startups, which are thriving amidst a young, digitally-savvy population eager to adopt new services ranging from ride-hailing to digital payments. The company’s strategic move into autonomous vehicles represents a bold step, aligning with global tech trends while showcasing African innovation on the world stage.
Moove’s impressive financial performance and strategic pivot highlight the dynamic potential within Africa’s tech landscape. As it seeks further investment, the company not only strengthens its position in vehicle financing but also paves the way for future advancements in autonomous technology, further cementing Africa’s growing influence in the global innovation ecosystem. Its journey, supported by a major player like Uber, serves as a powerful testament to the continent’s ability to foster and scale disruptive digital services.
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