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The acquisition is driven by Moove’s pursuit of scale. The company began expanding into the U.S. last August, seeking profitability.
This deal will see the African-based mobility service expand its services to the United States beginning 2025.
The latest investment led by Mubadala Investment Company brings Moove's total funding to $335 million across debt and equity
Moove has partnered with Swvl Inc. to scale Moove’s revenue-based vehicle financing model across the MENAP (Middle East, North Africa, and Pakistan) region, as well as expand vehicle classes to include electric buses.
The partnership, which will leverage CFAO’s local network and extensive presence, will allow the rapid delivery of brand new vehicles that are more environmental friendly.
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