Moove, a startup company in Nigeria that focuses on mobility, received a debt funding commitment of USD20 million from British International Investment. Because of the four years of structured credit investment, the company has received a total of USD135 million in capital for this year.
The startup has been on an acquisition and expansion tear recently, and as a result, it has attracted several investors. The most recent investment made by BII will make it possible for Moove to acquire and bring brand-new, environmentally-friendly vehicles into the nation. After that, drivers can lease these automobiles under an asset-ownership model for a period ranging from 3-4 years.
Moove completed an unprecedented Series A2 round of funding in March of this year, bringing in a total of $105 million from equity and debt investors headed by Left Lane Capital and Speed Invest.
Jide Odunsi and Ladi Delanoare the founders of the mobility firm that Jose Odunsi and Ladi Delamoare launched in 2020. The company’s mission is to democratize the ownership of vehicles in Africa via revenue-based financing. In addition to East Africa, the Middle East, Europe and South Africa, it has also stretched its wings to Uganda, Ghana and Kenya. Furthermore, it has formed a partnership with Uber to offer alternatives for automobile financing.
Moove’s co-founder and co-CEO, Ladi Delano, stated, “We are tremendously happy to bring onboard a world-class partner like BII.” whose strategic assistance will play a crucial role in helping us accomplish our aim of building the world’s most integrated auto finance platform for mobile entrepreneurs.”
Nick O’Donohoe, CEO of British International Investment, said, “In Moove, BII got a partner that fits with our goal of supporting dynamic businesses that use technology.”It has the potential to help accelerate its effect in Nigeria by bolstering the informal transport sector in that country.