26 Mar 24
News

Uber invests in pan-African mobility startup Moove

Uber invests in pan-African mobility startup Moove

Uber has led a $100-million Series B investment round in Moove, a pan-African mobility fintech specialist that provides vehicle financing to ride-hailing and delivery app drivers. This marks Uber’s first investment in an African startup. 

Founded in Nigeria in 2020, Moove buys vehicle fleets, which it then sells to drivers via its platform – withholding a share of their income as payment for the vehicle.  

Moove is currently present in six African markets (Egypt, Ghana, Kenya, Nigeria, South Africa and Uganda), as well as in India, the UAE, and the UK. The cash injection, which pushes up the company’s valuation up to $750 million, will help it expand to a projected total of 16 markets by the end of 2025.

The decision by Uber, which is already present in major cities throughout the continent, to support Moove strengthens an already firm bond between both companies. Uber is already Moove’s largest partner in terms of vehicle financing and supply. It can also be seen as an effort to secure a steady flow of new drivers to its ride-hailing platform. Moove has said it plans to introduce 45,000 new vehicles on Uber’s platform. 

Also, in line with Uber’s ambition to have a fully zero-emission fleet by 2040, Moove has said that its expansion will focus on EVs, especially in countries like the UK and the UAE. For Africa, Moove is also considering natural gas vehicles, taking into account the daunting lack of EV charging infrastructure across the continent.  

Image: Moove

Authored by: Frank Jacobs