Moove Gains $100 Million Boost In Series B Funding For Global Expansion

Moove, a leading global mobility fintech, has successfully secured $100 million in a Series B funding round, marking a significant leap forward in its mission to democratise vehicle ownership for mobility entrepreneurs. With the participation of Mubadala Investment Company PJSC, an Abu Dhabi sovereign investor, and new investment from Uber, this funding round is set to catalyse Moove's expansion and increase vehicle supply globally. This strategic financial boost aims to foster accelerated growth across multiple geographies and enhance electric vehicle (EV) adoption in various markets.

By the end of 2025, Moove plans to extend its operations to 16 markets, significantly expanding its vehicle fleet and laying the foundation for a more sustainable and accessible mobility ecosystem worldwide. Ladi Delano, Founder of Moove, expressed his gratitude for the support from Uber and other investors, highlighting the transformation of their vision into reality. This capital infusion is expected to amplify the positive impact of Moove's products on customers' lives on a broader scale.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, reiterated their pride in supporting Moove through this second round of funding. This investment reflects Mubadala's commitment to nurturing the startup ecosystem in the UAE and its trust in Moove's vision and capabilities. The partnership between Moove and Mubadala underscores the collaboration between local investors and innovative startups to drive growth and innovation in the UAE.

Since its inception in 2020, Moove has connected mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options. With its headquarters now in the UAE, Moove has experienced rapid growth through support from the UAE ecosystem and increasing customer demand. The UAE has been a pivotal market for Moove, especially with its focus on sustainability and innovation. It was the first market where Moove launched its fully integrated charging solution and transitioned to a 100% EV fleet.

To date, Moove has assisted over 20,000 mobility entrepreneurs across three continents, enabling more than 30 million financed trips. This achievement has contributed to an annual recurring revenue of over $115 million and a valuation of $750 million for the company. Delano concluded that this investment is a game-changer for Moove, enabling the introduction of 45,000 new vehicles to their platform. This expansion not only increases operational capacity but also emphasizes their commitment to sustainability through a significant focus on electric vehicles in partnership with Uber.

Moove's global expansion is customer-centric, aimed at bringing innovative mobility solutions to those in need across various regions. By pushing into 16 markets by the end of 2025 and enhancing EV charging infrastructure, Moove is not just growing its fleet but is building a more sustainable, accessible mobility ecosystem for customers worldwide.

With inputs from WAM