According to sources familiar with the subject, Uber Technologies Inc. is in discussions to support Moove, an African vehicle-financing startup, in a potential $100 million fundraising round.
The US ride-hailing firm will participate in a capital raise with a group of investors, increasing Moove’s enterprise value to approximately $750 million from $650 million, according to the persons who asked to remain unnamed since the discussions are still confidential. The ultimate amount, which might vary from roughly $75 million to $100 million, has not yet been determined by the investment round, they said.
Nigeria, the most populous nation in Africa, is the birthplace of several quickly expanding fintech companies, like Flutterwave and Interswitch, which include Moove. A number of these companies have attained the unicorn designation, which is awarded to firms valued at $1 billion or more.
In 2020, Ladi Delano and Jide Odunsi, who are Nigerian-born, established Moove in Lagos to assist prospective drivers for ride-hailing services who were unable to obtain funding for their vehicles. The company, which has its current headquarters in Amsterdam, has grown throughout Africa, the UK, the UAE, and India.
