Introduction to Moove
Moove, a Nigerian-born mobility fintech, is on the verge of achieving unicorn status with a planned $300 million equity raise. This move could propel the company’s valuation beyond $1 billion, according to recent reports. Moove provides revenue-based vehicle financing to gig drivers, allowing them to access cars without upfront capital.
History and Funding
Launched in 2020, Moove began by financing ride-hailing vehicles in Lagos. The company has since raised over $409 million in debt and equity, backed by prominent investors such as Uber, Mubadala, and Speedinvest. Its most recent raise was a $100 million Series B in March 2024, led by Uber and Mubadala, valuing Moove at $750 million. Prior to this, the startup had raised significant funding through multiple rounds, including $105 million in March 2022 and $10 million in July 2022.
Revenue Growth and Expansion
Moove’s annualized revenue has jumped from $115 million to $360 million in just over a year, driven by strong growth and an expanding international footprint. The company now operates in 13 markets, including the UAE, India, and Mexico. It has also ventured into the U.S., running electric vehicle fleets for Waymo’s autonomous ride-hailing service in Phoenix and Miami. Moove’s model is simple yet compelling, offering vehicle financing with repayments linked to drivers’ earnings, providing flexibility and reducing default risk.
Global Ambition
Moove’s global ambition was cemented when it acquired Kovi, a Brazilian vehicle financing startup, in October 2023. This move gave Moove a stronghold in Latin America and added to its asset base, further boosting investor confidence. The company plans to use the $300 million raise to deepen operations and expand global fleet partnerships, with a focus on scaling its EV fleet offerings.
Impact and Significance
As Moove races to become Africa’s next unicorn, it joins a select club of companies, including Flutterwave, Andela, and Chipper Cash, that have reached billion-dollar valuations while building solutions from the continent for the world. For African entrepreneurs, Moove’s trajectory signals growing investor confidence in scalable, Africa-led innovations. The company’s ability to raise significant capital could be a testament to the resilience and global relevance of African-born startups.
Conclusion
In conclusion, Moove’s planned $300 million equity raise is a significant milestone in the company’s journey to achieving unicorn status. With its strong revenue growth, expanding international footprint, and innovative financing model, Moove is poised to make a lasting impact in the mobility fintech space. As the company continues to grow and expand its operations, it is likely to inspire a new generation of African entrepreneurs and cement its position as a leader in the global fintech industry.
