Moove, a trailblazing player in Nigeria’s mobility and logistics sector, has successfully raised $76 million in a financing round that promises to reshape the landscape of transportation and mobility services in the country.
This substantial investment further solidifies Moove’s position as a driving force behind innovative transportation solutions.
The company’s unique approach to automobile financing, which utilizes a hire-purchase model, has garnered attention from both investors and industry experts.
Under this model, Moove rents cars to drivers, allowing them to ultimately become car owners once they complete payments based on a predetermined value set by the company.
This infusion of funds will enable Moove to accelerate its efforts in bringing affordable and flexible mobility solutions to Nigerian drivers, fostering economic opportunities and contributing to the growth of the local transportation ecosystem.
The financing round boasts support from 31 investors, including prominent names such as BlackRock and Mubadala.
It said in a statement that, “Moove is different from typical mobility companies like Uber or Taxify; instead, it operates as an automobile financing startup that employs a hire purchase model. Under this approach, Moove rents cars to drivers, who eventually become car owners after paying the predetermined value set by Moove.”
According to the statement, the collective efforts of Nigerian mobility and logistics startups were making a substantial impact, employing 1,374 individuals in total, averaging around 49 employees per company, as highlighted by Disrupt Africa’s research.
With this successful funding round, Moove has now raised $550 million across 15 rounds as it eyes unicorn status. “Unicorn” status—a term used to describe privately held startup companies valued at over $1 billion—represents a significant milestone in the realm of entrepreneurship and innovation.