Nigeria’s Moove eyes unicorn status with $300m raise

Moove, the Uber-backed Nigerian startup that finances vehicles for ride-hailing companies, is seeking to raise $300 million in a fresh funding round that could push its valuation past $1 billion, according to The Information.

Last year, the company announced a partnership with Waymo, Alphabet’s self-driving vehicle division, to manage and operate fleets of autonomous vehicles in Phoenix, Arizona, and Miami, Florida.

The planned raise comes at a time of rapid expansion for Moove. Moove has raised $750 million in debt and equity to date, with backers including Uber and Mubadala Investment Company.

Moove’s growth trajectory has also been fuelled by strategic acquisitions. In January, the company acquired Kovi, a Brazilian urban mobility provider that finances ride-hailing drivers, which significantly boosted Moove’s revenue.

The company’s annualised revenue has reportedly climbed to $360 million, up from $115 million just over a year ago, largely driven by its core business of extending loans to Uber drivers and its growing fleet management operations in the U.S. The new revenue pace suggests Moove is generating $30 million a month in revenue.

Read also: Meet Ladi Delano and Jide Odunsi, founders of Uber-backed Moove

Moove’s responsibilities include cleaning, charging, and storing Waymo’s electric robotaxis, as the self-driving service rolls out commercial operations in new U.S. markets.

In 2024, Moove raised $100 million, at a valuation of $750 million, from investors including Uber, which has a stake of more than 10 percent in the company and Mubadala Investment Co.

Founded by Ladi Delano and Jide Odunsi, the mobility fintech buys cars with bank loans and offers them to Uber drivers through a drive-to-own model. Drivers in Africa, India, and the UK pay for the cars out of their earnings and can eventually own them.

Moove also recently expanded into robotaxi management, handling cleaning, charging, and storage when the cars aren’t in use.

This latest funding effort underscores Moove’s ambition to become a key player in the autonomous mobility ecosystem, not only as a fleet operator for Waymo but also by potentially leasing mini-fleets of robotaxis to entrepreneurs and businesses in the future.