Moove Plans to Raise $300 Million at $1 Billion Valuation, to Achieve Unicorn Status

Moove, a Nigerian-born mobility startup, is making headlines as it plans to raise $300 million at a $1 billion valuation, aiming to achieve unicorn status. This means Moove could soon join the exclusive group of African tech companies valued at over $1 billion, a major milestone for any startup.

Founded in 2020 by Ladi Delano and Jide Odunsi, Moove has quickly become a game-changer in the vehicle financing space for ride-hailing drivers. The company started in Lagos, Nigeria, helping drivers get cars without needing a large upfront payment. Instead of traditional loans, Moove offers flexible financing tied to drivers’ earnings, making it easier for gig workers to own vehicles and pay back gradually.

Moove plans to raise $300 million to achieve unicorn status, and this new funding round could push its valuation past the $1 billion mark. This would make Moove Africa’s next tech unicorn, joining the ranks of companies like Flutterwave and Andela. The company’s growth has been impressive, with annualized revenue jumping from $115 million to $360 million in just over a year. That’s about $30 million in revenue every month, a figure that has caught the eye of investors around the world.

Moove plans to raise $300 million at $1 billion valuation

Moove’s operations have expanded far beyond Nigeria. The company now operates in 13 markets, including countries in Africa, Latin America, the Middle East, and Asia. Moove has also entered the United States, where it manages electric vehicle fleets for Waymo, Google’s self-driving car company. In this role, Moove handles cleaning, charging, and storing Waymo’s electric robotaxis in Phoenix and Miami.

The company’s business model is simple but effective. By linking vehicle repayments to drivers’ ride-hailing earnings, Moove reduces the risk of default and opens up opportunities for drivers who might not qualify for traditional bank loans. This approach has proven popular, especially in emerging markets where access to credit is limited.

Moove plans to use the $300 million it hopes to raise to deepen its operations and expand its global partnerships, especially in electric and autonomous vehicles. The company’s recent acquisition of Kovi, a Brazilian vehicle financing startup, has also strengthened its position in Latin America and added to its asset base.

Moove’s rapid growth and innovative model have attracted big-name investors, including Uber and Mubadala Investment Company. Uber, in particular, has a significant stake in the company and has backed previous funding rounds.

Despite its success, Moove faces challenges as it grows. The ride-hailing market in Africa is highly competitive, with rivals like Bolt and inDrive. There are also regulatory hurdles and economic uncertainties in key markets like Nigeria. Still, Moove’s data-driven approach and strong partnerships give it a solid foundation for continued growth.

Beyond the business numbers, Moove’s impact is felt by thousands of drivers who now have a path to vehicle ownership. The company is also investing in electric vehicles, supporting global efforts to reduce emissions and promote sustainability.

As Moove plans to raise $300 million at a $1 billion valuation, its journey to achieve unicorn status is not just a win for the company but a sign of Africa’s growing influence in the global tech scene. If successful, Moove’s story could inspire more investment in African startups, especially in mobility and fintech, and highlight the continent’s potential for innovation and growth.

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