Uber Technologies Supports Nigerian Company “Moove” in a 100 Million Funding Round

Uber Technologies is currently in the process of finalizing a collaboration deal with “Moove,” an emerging company specializing in car financing in Nigeria, indicating a potential increase in its market valuation. According to reports from informed sources, Uber plans to participate as part of a group of investors in a new funding round for “Moove,” valued at up to 100 million US dollars.

This funding round is expected to boost the market value of “Moove” from approximately 650 million dollars to 750 million dollars, as reported by Bloomberg.

“Moove,” founded in Lagos, Nigeria, in 2020 by Ladi Delano and Jide Odunsi, aims to support drivers facing difficulties in securing the necessary financing to own vehicles. Now, with its headquarters in Amsterdam, “Moove” has expanded its operations to include several other countries, including Africa, Britain, the UAE, and India.

Last year, “Moove” managed to raise 76 million dollars through equity and debt, led by the Emirati sovereign investor, Mubadala Investment Company. The company reported that this financing included 28 million dollars in equity from a mix of new and existing investors, in addition to 10 million dollars in project debt from funds and accounts managed by BlackRock, and 38 million dollars from previously undisclosed financings collected in earlier periods.