Moove seeks $300 million to supercharge expansion and attain unicorn status

Moove, an Uber-backed Nigerian startup that finances vehicles for ride-hailing drivers, plans to raise an additional $300 million, which could propel its valuation past the $1 billion mark, securing its position as a unicorn. The ambitious round aims to fuel its expansion into new markets, deepen its electric vehicle (EV) capabilities, and support a drive toward sustained profitability.

Already operating across 13 cities in 6 countries, the company aims to enter seven new markets targeting Latin America, North Africa, and the Middle East, reaching 16 markets by late 2025. 

Since launching in 2020, Moove has raised $250 million in equity and $210 million in debt via Series A, Series B, Sukuk issuance, and strategic fundraises, including $76 million and $105 million rounds.  Uber, as the anchor backer, led the $100 million Series B round, which was its first investment in an African‑originated startup, boosting Moove’s valuation to $750 million.

Notably, Moove’s revenue‑share vehicle financing addresses two accelerating trends. It offers flexible access to vehicles for gig drivers and delivery couriers, often underserved by traditional credit, using proprietary revenue‑based credit scoring. Also, its partnerships with Uber UK for deploying 10,000 EVs in London solidify Moove’s credentials as a mobility‑EV platform.

The company’s annual recurring revenues have risen from $90 million to over $115 million, with profitability already reached in select markets like the UAE, UK, India, and South Africa. The new $300 million round will balance equity and debt to maintain disciplined growth toward break-even.

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This latest fundraising effort underscores Moove’s strategic aim to become a pivotal player in the evolving autonomous mobility ecosystem, beyond its current fleet management role for Waymo. The company is reportedly exploring avenues to directly acquire autonomous-enabled vehicles from manufacturers and lease mini-fleets of robotaxis to entrepreneurs or businesses, potentially even former ride-hailing drivers, aspiring to operate at scale.