Moove, an African mobility startup, has successfully raised $76 million in new financing, aimed at accelerating its profitability strategy through global expansion.
This latest funding round brings Moove’s total funding to more than $335 million, significantly propelling the company’s valuation closer to the unicorn status at $550 million.
According to a press statement provided to NATIONAL ECONOMY, Ladi Delano, Co-founder of Moove, expressed his satisfaction with the new funding, highlighting that it would serve as a catalyst for the company’s expansive global presence and its mission to revolutionise financial services for gig workers in the mobility sector.
Delano shared his enthusiasm, stating, “Our latest fundraise makes me extremely happy and proud to see that the Moove concept, born in Africa in 2020, and now solidified on the global stage, is receiving support and belief from two of the largest investors in the world, especially in the current fundraising landscape.”
Since its inception in 2020, Moove has experienced rapid growth. Delano acknowledged the challenges the company has faced and the tough decisions that have been made along the way. He highlighted that the secured funds will contribute to achieving the company’s primary objective of profitability within the next year, which is a milestone that excites him as a founder.
Delano mentioned that the financing led by Mubadala will enable Moove to further concentrate on already profitable markets such as the UAE, India, UK, and South Africa. The company will also focus on enhancing the customer experience and expediting product development, with the aim of achieving group-wide profitability within the next 12 months.
