Nigeria mobility startup Moove has opened in Cape Town marking another step in its growth plans for the continent. Having run for 15 months, this is the company’s fourth city of operation and coincides with its recent C-Suite hires.
Moove recently closed a $23m Series A funding round led by SpeedInvest. The rollout into Cape Town was aimed at building on existing relationships in Lagos, Johannesburg, and Accra as the company further democratizes vehicle ownership across Africa. South Africa is a 60 million market with a 67% majority of the population residing in urban areas.
Moove offers alternative credit-scoring technology on its e-logistics and ride-hailing platforms. The company also works as Uber’s exclusive vehicle financing and vehicle supply partner across sub-Saharan Africa. The company recently achieved one million trips amidst the increased number of signups on its platform.
The company was founded in 2019 by Ladi Delano and Jide Odunsi and has thus far completed 14,700 sign-ups. As the company grows, several new hires have been admitted to its C-Suite to oversee the launch in new markets, deepen the use of technology, and secure partnerships in new categories.
Moove SA country manager Sinako Cetyiwe described the country as an “excellent market with huge demand for our product.” Sinako said that the next phase for Cape Town and the rest of the country is to grow the number of sign-ups, revenue, and trips so that South Africans can become mobility entrepreneurs and go make a living safely.
We’re thrilled to announce our $23M Series A led by @Speedinvest and @Leftlanecap, bringing our total funding to $68.2M! This will enable us to ramp up our mission to democratize vehicle ownership.
Read the press release here. https://t.co/ZKC0nZfw6w pic.twitter.com/1UGYJldJ9R
— Moove (@Mooveafrica) August 9, 2021