Entrepreneurship

Moove secures $334m funding

Moove says it has successfully secured $76m financing which will boost Nigeria’s mobility and logistics sector.

It said it got a total of $334m in funding across 14 rounds. Its most recent funding, obtained through a private equity round, was secured on Wednesday.

The company boasted of backings from 31 investors, with notable names like BlackRock and Mubadala joining as the latest contributors.

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It said in a statement that, “Moove is different from typical mobility companies like Uber or Taxify; instead, it operates as an automobile financing startup that employs a hire purchase model. Under this approach, Moove rents cars to drivers, who eventually become car owners after paying the predetermined value set by Moove.”

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According to the statement, the collective efforts of Nigerian mobility and logistics startups were making a substantial impact, employing 1,374 individuals in total, averaging around 49 employees per company, as highlighted by Disrupt Africa’s research.

On the latest funding, Moove said it was now over halfway to becoming a unicorn at $550m valuation.  A unicorn is a privately held startup company valued at over $1bn.

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