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Moove, Uber’s exclusive vehicle financing, and vehicle supply partner in sub-Saharan Africa, has raised $23m in its Series A round led by Speedinvest and Leftlane Capital. Other investors in this round include DCM Ventures, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton Ventures, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Verod Capital Management, Kepple Africa Ventures, Class 5 Global, Future Africa, and Emso Asset Management
Driven by a common passion to create shared value leveraging their extensive operating experience on the continent, co-founders Ladi Delano and Jide Odunsi set out to build Moove to provide Africans with a path to new vehicle ownership while creating new jobs.
“In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs. We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they are able to earn money, which allows them to pay off the vehicle over time,” said Ladi Delano.

“Moove’s technology is fundamentally changing access to mobility and empowering thousands to earn a new source of income. As we look ahead, the potential for that technology and the Moove team to expand even further is very exciting. They have the opportunity to become a full-service mobility fintech and expand their offerings to insurance and other financial services,” said Dan Ahrens, Managing Partner at Left Lane Capital.
Moove had previously raised a total of $100m in a debt financing round led by IFC Venture Capital Group. It was initially bootstrapped by its cofounders with seed-stage funding from Future Africa, an Africa-focused fund led by Iyinoluwa Aboyeji.
With the new funding, Moove will further work on its mission to democratize vehicle ownership in Africa- where more than a billion people have limited or no access to vehicle financing- and become a full-service mobility fintech company. The equity raise follows a year of momentum and success for Moove with the launch of three cities and 60% month-on-month growth so far.