Moove raises $100M Series B led by Uber at $750M valuation

In March 2024, Moove closed a $100 million Series B equity round led by Uber, with participation from Mubadala (previous lead) and other existing investors. The round valued the company at $750 million post-money, up from a prior $550 million valuation. This was Uber's first investment on the African continent.

At the time, Moove operated in six markets (including Nigeria, South Africa, Ghana, UK, India, UAE) with $115M ARR in 2023 and had financed over 20,000 customers and 30 million trips. The capital was intended to expand its revenue-based financing platform to 16 markets by end-2025, with a focus on electric vehicles and adding 45,000 vehicles to its platform, while progressing toward profitability.

The company has since evolved significantly, acquiring fleets and infrastructure capabilities. By August 2026 it completed a $250M Series C at $2.1B valuation, shifting emphasis to autonomous mobility infrastructure (fleet ownership, robotics-first depots, and operations for partners like Waymo), while maintaining its core financing and ride-hailing fleet business. The 2024 Series B remains the referenced round per the query.

Moove offers revenue-based vehicle financing to mobility entrepreneurs, primarily drivers on ride-hailing and delivery platforms. It uses proprietary data and alternative credit scoring to underwrite customers often excluded from traditional financing. The company has expanded into owning and operating large fleets for both human-driven and autonomous vehicles, partnering with platforms including Uber and Waymo.

Originally focused on African markets such as Nigeria, Ghana, South Africa, and Kenya, Moove now operates across 13+ countries on multiple continents including the Middle East, Europe, Asia, Latin America, and the US. It has grown through organic expansion and acquisitions such as Brazil's Kovi. As of 2026, it manages approximately 42,000 vehicles and reports around $420M in annual recurring revenue.

The business model combines financing, fleet ownership, depot infrastructure (including robotics-first "Nests" for autonomous vehicles), maintenance, charging, and operational orchestration to enable scaled mobility services.