African Startup Raises $76m To Drive Profitability

African mobility startup, Moove, has raised $76 million in new financing, to drive profitability through its global expansion.

The new funding brings the company’s total funding to over $335 million. On the back of the latest funding, Moove is now over halfway to becoming a unicorn at $550 million valuation.

In a press statement, made available to LEADERSHIP, Moove’s co-founder, Ladi Delano, said, the funding would serve as a catalyst for its expansive global presence and unwavering commitment to transforming financial services for gig workers in the mobility sector.

“Our latest fundraise makes me extremely happy and proud to see that the Moove concept, which was born in Africa in 2020, and has since strengthened its position on the global stage, is being backed by and, most importantly, believed in, by two of the largest investors in the world. This is particularly true in the current fundraising environment.

“We have grown fast since our inception in 2020. Although at times it hasn’t been easy, and we have had to make tough decisions along the way (and will continue to do so), these funds will ensure we achieve our company-wide primary objective of profitability within the next year, something that, as founder, I am incredibly excited about,” Delano disclosed.

The co-founder alluded that the Mubadala-led financing will help Moove double down on already profitable markets including, the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.