Uber Set to Invest $100M in African Startup Moove, Boosting Valuation

By : Samira Njoya

Date : mardi, 27 février 2024 03:57

Moove Africa, a mobility company operating in six sub-Saharan African markets, is currently in talks with Uber regarding a potential investment. The funding would support Moove Africa's continued expansion across the continent.

Uber Technologies, the American ride-hailing giant, is poised to invest $100 million in African vehicle financing startup Moove, according to a Bloomberg report. The investment is part of a new funding round that could increase Moove’s enterprise value from $650 million to around $750 million.

This funding round follows a recent $76 million financing round that included participation from U.S. asset management firm BlackRock and Emirati investment firm Mubadala Investment Company. Moove aims to use these funds to build the world’s largest technology-enabled financial services platform for mobile entrepreneurs.

Moove, which is already a funding partner of Uber in Africa and India, could see its partnership with Uber strengthened if the $100 million investment is confirmed. This could potentially enable broader vehicle financing on a global scale.

Currently headquartered in Amsterdam, Moove operates in several African cities, including Lagos, Accra, Johannesburg, Cape Town, and Nairobi, as well as in London, Dubai, and three major Indian cities: Mumbai, Hyderabad, and Bangalore.

Samira Njoya


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