Moove Secures $100 Million Series B Round 

This funding round will fuel Moove's global expansion in the mobility business and enhance vehicle supply, fostering accelerated growth in various global markets and promoting increased adoption of electric vehicles (EVs).

Moove plans to utilise the funds to extend operations to 16 markets by the end of 2025. This expansion not only entails growing the vehicle fleet but also establishing a foundation for a more sustainable and accessible mobility ecosystem worldwide.

Ladi Delano, Founder of Moove, expressed, "Today's announcement signifies a significant milestone for us. When we established Moove in 2020, our motivation stemmed from the acute shortage of vehicle financing faced by over two million African mobility entrepreneurs. This endorsement from Uber and others validates that our once-dreamt vision is now a tangible reality. This infusion of capital will magnify the profoundly positive impact our products have on the lives of our customers across a broader spectrum. I extend my heartfelt gratitude to our dedicated team of Moovers whose relentless effort and commitment have been instrumental in achieving this significant milestone in our company’s journey."

Moove, founded in 2020, aims to provide fair, accessible, and affordable revenue-based vehicle financing options for mobility entrepreneurs. Operating from its headquarters in the UAE, Moove has experienced rapid growth, supported by the UAE ecosystem and increasing customer demand.

The partnership between Moove and Mubadala underscores their commitment to growth and innovation in the UAE, as Mubadala's continued support and investment exemplify collaboration between local investors and innovative startups.

The UAE serves as a pivotal market for Moove, being the first market where Moove launched its fully integrated charging solution and transitioned to a 100% EV fleet. This strategic focus on sustainability and innovation reflects Moove's commitment to shaping the future of mobility in the region and supporting the UAE's vision for economic diversification and technological advancement.

To date, Moove has assisted over 20,000 mobility entrepreneurs across three continents, facilitating over 30 million Moove financed trips, resulting in an annual recurring revenue of over $115 million—a significant milestone on Moove’s path to profitability. These achievements have propelled the company to a $750 million valuation.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, remarked, "We are proud to continue supporting Moove through our second round of funding, reflecting our commitment to nurturing the startup ecosystem in the UAE. This follow-on investment underscores Mubadala’s strategy of driving positive change in communities while fostering innovation and entrepreneurship across the UAE."

Ladi Delano concluded, "This recent investment is transformative for Moove, enabling us to significantly expand our offerings by introducing 45,000 new vehicles to our platform. This expansion not only enhances our operational capacity but also underscores our commitment to sustainability, with a strong focus on electric vehicles in partnership with Uber. Moove aims to lead the way in the electrification of mobility, steering the world towards a zero-emission future. Our global expansion is customer-centric, aimed at delivering Moove's innovative mobility solutions to those in need across various regions. By expanding into 16 markets by the end of 2025 and enhancing our EV charging infrastructure, we are not just growing our fleet; we are building a more sustainable, accessible mobility ecosystem for our customers worldwide.