Uber-Backed Nigerian Startup, Moove Seeks to Raise $300 Million

In a bold move that could change the future of transport and car financing in Africa and beyond, Moove seeks to raise $300 million in a new funding round. This Nigerian startup has already made big waves, and now it’s eyeing a spot among the top global mobility companies.

So what’s the big deal? And why is everyone talking about Moove?

Let’s break it down in simple words.

What Is Moove?

Moove is a Nigerian startup that helps people, mostly Uber drivers, get cars through a smart “drive-to-own” model.

Instead of buying a car with huge upfront payments, drivers can use a car that Moove provides and pay for it over time from their earnings. This way, they still work and earn, and at the end of the agreed period, the car becomes theirs.

Pretty smart, right?

That idea has made Moove very popular, not just in Nigeria but in other countries too. And now, as Moove seeks to raise $300 million, the company is preparing for something even bigger.

Moove Is Backed by Uber

One of the reasons Moove is trusted is that Uber, the global ride-hailing giant, is one of its biggest investors.

Uber owns more than 10% of Moove, and they’re not the only big name involved. Other investors include Mubadala Investment Company, a global investment firm with a strong reputation.

So, when we say Moove seeks to raise $300 million, we’re talking about a company that serious investors already believe in.

Why Does Moove Need $300 Million?

Moove is growing fast, very fast.

Last year, it raised $100 million at a company value of $750 million. Now, with its revenue jumping from $115 million to $360 million in just a year, Moove is going for the next big leap: raising $300 million more to expand even faster.

That amount could push Moove’s value past $1 billion, making it a unicorn (a fancy name for startups valued at over a billion dollars).

And guess what? Very few African startups ever reach that level.

This is why the news that Moove seeks to raise $300 million is such a big deal.

How Moove Makes Money

Moove’s main business is to finance cars for Uber drivers. But that’s not all.

Here’s how Moove earns its money:

• Loaning cars to Uber drivers: Drivers pay back slowly as they use the car to work.
• Fleet management: In the U.S., Moove manages electric robotaxis (self-driving cars) for Waymo.
• Strategic partnerships and acquisitions: Moove recently bought Kovi, a Brazilian company, to grow even faster.

With all these efforts, Moove is now making around $30 million per month. That’s the kind of number that catches big investors’ attention, and it’s one reason why Moove seeks to raise $300 million now.

Moove’s Big U.S. Expansion

Moove isn’t just growing in Africa anymore. It has stepped into the big league by managing robotaxis in the U.S.

Yes, robotaxis. These are self-driving cars used for transport.

Moove is now helping Waymo, Google’s self-driving car company, to clean, charge, and store robotaxis in cities like Phoenix and Miami.

As Moove seeks to raise $300 million, this robotaxi business could be one of the reasons investors are so interested.

From Nigeria to the World

Moove started in Nigeria but now operates in:

• Africa
• India
• The UK
• The United States

This kind of global expansion shows that Moove is not just a local success, it’s going global.

In fact, the company now has over 2,100 employees worldwide, with about 90 staff based in the U.S. alone. All this growth is being powered by the vision of its co-founders, Ladi Delano and Jide Odunsi.

And yes, while Moove seeks to raise $300 million, they’re doing so to create even more opportunities worldwide.

Also Read: 5 Genius Ways to Win Customers in a New Location

Moove’s Unique Drive-to-Own Model

Let’s talk more about the business model.

Moove buys cars with the help of bank loans and then rents them out to Uber drivers. The drivers use the cars for work and gradually pay Moove back, until the car becomes theirs.

It’s a win-win:

• The driver doesn’t need to buy a car with huge upfront money.
• Moove gets regular payments.
• The community benefits from more mobility and jobs.

It’s simple, smart, and scalable, which is why Moove seeks to raise $300 million to make this model work in even more places.

Why the $300 Million Raise Matters

This isn’t just about raising money. It’s about what comes next.

With the new funds, Moove wants to:

• Buy more cars for its drive-to-own program
• Expand robotaxi operations in the U.S.
• Build electric vehicle (EV) depots
• Hire more staff globally
• Possibly start leasing mini-fleets of robotaxis to entrepreneurs

Moove may soon help people own and manage small fleets of robotaxis, giving business-minded individuals a chance to enter the transport tech space.

So when you read Moove seeks to raise $300 million, think about all the doors that money could open.

Moove’s Big Dream of Becoming a Unicorn

Every startup dreams of becoming a unicorn. It means reaching a $1 billion value.

Moove is very close to that goal. If it succeeds in this new funding round, it will likely become Nigeria’s next tech unicorn.

That means more global respect, more jobs, more innovation, and more opportunities for drivers and entrepreneurs everywhere.

This is why headlines like Moove seeks to raise $300 million are more than just money talk, they’re signs of a new chapter in African tech.

What the Future Holds

Moove wants to do more than just help drivers own cars. It wants to:

• Support the future of electric vehicles
• Be a key player in the robotaxi revolution
• Offer flexible, affordable ways for people to own and operate cars
• Empower thousands of drivers, entrepreneurs, and small business owners across continents

As Moove seeks to raise $300 million, it’s not just growing, it’s building the future of mobility, one ride at a time.

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