Moove Accelerates Towards A Greener Future With $100 Million Series B Funding Boost

In a significant move that underscores the growing importance of sustainable transportation solutions, Moove, the global mobility fintech company, has successfully raised $100 million in Series B funding. This latest financial milestone will power the company's ambitious plans to scale its operations worldwide and make substantial strides in electric vehicle (EV) adoption across different markets. Leading the investment round is Mubadala Investment Company PJSC, an Abu Dhabi sovereign investor, alongside a new investment from global ride-hailing giant, Uber.

The infusion of capital will allow Moove to extend its footprint to 16 markets by 2025, marking a pivotal step towards establishing a more sustainable and accessible mobility ecosystem. This strategic expansion is aimed at addressing the critical demand for vehicle financing solutions among mobility entrepreneurs, a vision that has been at the core of Moove's mission since its inception in 2020.

Ladi Delano, Founder of Moove, expressed his gratitude towards the unwavering support from the team and the trust vested by investors. "This validation from Uber and others is a testament to our journey from a dream to reality, amplifying the positive impact of our products on our customers globally," Delano stated.

Based in the UAE, Moove's growth trajectory is closely tied to its commitment to fostering an innovative startup ecosystem and meeting the surging customer demand. The partnership with Mubadala not only exemplifies the synergy between local investors and startups but also highlights Moove's pivotal role in the UAE's mobility sector. The company was the first to launch a fully integrated charging solution in the UAE, significantly contributing to the country's vision for economic diversification and technological advancement.

Moove's impact is evident in its accomplishments to date, having enabled over 20,000 mobility entrepreneurs across three continents and facilitating more than 30 million Moove financed trips. This has propelled the company towards an annual recurring revenue of over $115 million, valuing Moove at $750 million.

Commitment To Innovation And Sustainability

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala, praised the continued collaboration, emphasizing the investment as a reflection of Mubadala's strategy to foster innovation and drive positive change within communities.

Delano concluded by highlighting the transformative potential of the investment for Moove, with plans to introduce 45,000 new vehicles to their platform. This expansion not only enhances Moove's operational capacity but also signifies a major commitment towards promoting sustainability through a focus on electric vehicles in collaboration with Uber. "Our aim to lead in the electrification of mobility aligns with our vision for a zero-emission future, making our solutions more accessible across various regions," Delano remarked.

As Moove embarks on this ambitious journey towards global expansion and enhancing its EV charging infrastructure, it reinforces the company's dedication to building a more sustainable, accessible mobility ecosystem for customers worldwide.