What is Moove Africa?
Founded in 2019, Moove Africa addresses a critical need within the African mobility sector by providing accessible loaning or leasing options for vehicles specifically tailored for ride-share service drivers. By facilitating access to essential assets, Moove Africa empowers drivers to participate more effectively in the burgeoning gig economy, thereby contributing to the expansion of ride-sharing services across the continent. The company's business model is designed to overcome traditional barriers to vehicle ownership, enabling a more inclusive and dynamic transportation landscape.
How much funding has Moove Africa raised?
Moove Africa has raised a total of $404.1M across 10 funding rounds:
Angel/Seed
$5.2M
Multiple Rounds
$204.9M
Other Financing Round
$8M
Debt
$76M
Debt
$10M
Series B
$100M
Angel/Seed (2019): $5.2M, investors not publicly disclosed
Other Financing Round (2022): $10M led by NBK Capital
Series A (2022): $128M supported by Clocktower Group, LocalGlobe, Speedinvest, DCM Ventures, thelatest.ventures, and Left Lane Capital
Debt (2022): $20M featuring British International Investment
Other Financing Round (2022): $16.9M backed by Emso Asset Management
Debt (2022): $30M with participation from Franklin Templeton
Other Financing Round (2023): $8M, investors not publicly disclosed
Debt (2023): $76M supported by BlackRock and Mubadala
Debt (2024): $10M featuring Stride Ventures
Series B (2024): $100M backed by Mubadala and Uber
Key Investors in Moove Africa
BlackRock
BlackRock is a global investment management firm headquartered in New York City, offering a comprehensive range of investment products and services including mutual funds, exchange-traded funds (ETFs), and alternative investments. They manage investments across various asset classes using both fundamental and quantitative analysis approaches.
Mubadala
Mubadala is a global investment company based in Abu Dhabi, United Arab Emirates, with a mandate to create sustainable financial returns and further the company's shareholder objective of a globally integrated and diversified economy.
Uber
Uber Technologies is a global technology platform that reimagines how people and goods move, offering personal mobility, food and goods delivery, and logistics services powered by proprietary mobile apps and realtime matching technology.
What's next for Moove Africa?
The substantial enterprise-level backing Moove Africa has garnered, particularly the recent strategic investment, signals a strong confidence in its operational model and future potential. This capital is poised to accelerate the company's expansion into new markets, enhance its fleet management capabilities, and potentially diversify its financing products. As Moove Africa continues to scale, its focus will likely remain on solidifying its position as a key enabler of the African ride-sharing economy, driving innovation in mobility finance and supporting the growth of its driver partners.
See full Moove Africa company page
