Uber Backs Moove’s $100 Million Funding Round, Boosting Valuation to $750 Million
Uber, the global ride-hailing giant, has signaled its intention to participate in a substantial funding round for Moove, a Nigerian-based vehicle financing platform. Sources close to the matter revealed that Uber is set to support Moove’s endeavor to secure $100 million in fresh capital. This investment is anticipated to elevate Moove’s valuation to $750 million, up from its previous valuation of $650 million. This move further solidifies the strategic partnership between the two companies, originally forged in 2020. This is significant news for the African tech space, highlighting the potential for innovative financing models within the mobility sector.
Strengthening Ties: Uber’s Continued Support for Moove
The specific funding amount is still being finalized, with estimates ranging from $75 million to the full $100 million. However, Uber’s involvement underscores the success of its existing collaboration with Moove, particularly their initiative to facilitate flexible vehicle ownership for Uber drivers. Moove, which has raised $335 million since its inception, recently secured $10 million in debt financing from Stride Ventures, specifically targeted for expanding its operations within India. This comes after Moove raised $76 million to facilitate its global expansion. These are key developments for the fintech ecosystem in Africa, demonstrating the growth and attraction of innovative financial solutions.
This potential investment demonstrates continued confidence in Moove’s business model and the burgeoning African mobility sector. While both Uber and Moove have declined to comment officially on the ongoing funding discussions, the commitment would mark a significant milestone for Moove as it continues to grow its reach and impact.
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