Finance Mubadala backs UAE startup Moove’s $100m funding round By Pramod Kumar March 20, 2024, 5:00 AM Moove/X The new funding will allow Moove to expand its vehicle financing offering to 16 markets worldwide by the end of 2025 Moove, a UAE-headquartered vehicle-financing startup, has secured $100 million in a new funding round backed by Abu Dhabi’s Mubadala Investment Company, an existing investor. The Series B round, which saw investments from US ride-hailing app Uber, valued the Nigeria-founded startup at $750 million. The new funding will allow Moove to expand its vehicle financing offering to 16 markets worldwide by the end of 2025. Much of this expansion will focus on electric vehicles (EVs), laying the groundwork for a sustainable and accessible mobility ecosystem. NewsletterGet the Best of AGBI delivered straight to your inbox every week Moove founder Ladi Delano said the funding will also see the startup introduce 45,000 new vehicles to its platform. He added that it will expand the startup’s operational capacity and support its drive to profitability by the next financial year. Mubadala and Goldman Sachs to put $1bn into Asia-Pacific Mubadala weighs buying stake in Heathrow airport Mubadala buys stake in Indian hospital chain Moove was the first to introduce its extensive charging solution in the UAE, alongside its fully electric vehicle fleet rollout. Last August the mobility fintech secured $76 million in funding, comprising $28 million in equity from new and existing investors led by Mubadala. Since its inception, the startup has raised $250 million in equity funding, while $210 million has been generated from debt funding.
