This investment could boost Moove’s valuation from $650 million to $750 million, although the final figure could fall between $75 million and $100 million.

While neither company has officially commented on the potential deal, the move wouldn’t be surprising given their existing partnership.

In 2020, Uber and Moove collaborated to offer Uber drivers flexible car ownership options.

This potential investment would mark another milestone for Moove, bringing its total funding to $335 million since its launch.

The company recently secured $10 million in debt financing from Stride Ventures to expand its operations in India, focusing on the cities of Mumbai, Hyderabad, and Bengaluru.

Notably, Uber has partnered with Moove in India to provide electric vehicles to Uber drivers there.

The firm, known for supporting founders from the initial stages of development to post-launch, actively invests in pre-seed and seed-stage startups across the Gulf Cooperation Council (GCC), with a focus on Saudi Arabia, Egypt, Pakistan, and the UAE. COTU Ventures boasts a portfolio of over 15 early-stage companies spanning various industries.

“We see immense potential for startups to address regional challenges through innovative tech solutions, particularly in high-margin sectors where technology can significantly impact efficiency,” said Amir Farha, Founder and General Partner at COTU Ventures.

While open to diverse sectors, COTU Ventures currently exhibits a particular interest in fintech and B2B software companies.

Some notable ventures in their portfolio include Huspy (UAE mortgage platform), MoneyHash (Egyptian fintech startup), Sirdab (Saudi Arabian on-demand storage), and Mayple (UAE delivery solution).

Prior to establishing COTU Ventures, Farha was instrumental in the success of Careem, a renowned Dubai-based ride-sharing platform, while serving as co-founder of BECO Capital, a UAE-based VC firm focused on early-stage investments in the MENA region. He departed BECO Capital to pursue his passion for early-stage ventures, leading to the creation of COTU Ventures.

COTU Ventures differentiates itself through its in-depth engagement with potential investments. This comprehensive approach allows the firm to build trust and establish strong connections with founders, gaining valuable insights to offer guidance on fundraising, startup development, and go-to-market strategies.

Additionally, COTU Ventures connects their backed startups with crucial stakeholders, including potential employees, customers, and future late-stage investors.

The funding round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and prominent individuals like Tom Preston-Werner, the founder of GitHub and an investor in Stripe. This investment follows MoneyHash’s $3.5 million pre-seed funding round in 2022, also led by COTU Ventures.

Founded in 2020, MoneyHash helps businesses simplify their payment processes by providing a unified solution through its payment orchestration platform.

This platform eliminates the need for merchants to integrate and manage multiple payment providers, addressing challenges like technical complexities, operational inefficiencies, and delays.

“MoneyHash addresses the unique challenges faced by businesses in the MEA region, where diverse payment methods, currency variations, and nation-state specificities create significant complexities for traditional payment solutions,” said Nader Abdelrazik, CEO of MoneyHash.

“Our platform offers a single integration point with features like customizable checkout experiences, transaction routing, and comprehensive reporting, empowering businesses to navigate the complexities of the region’s payment landscape.”

Abdelrazik further emphasized the potential for growth in the region, highlighting that only 10% of all payments in the MEA are currently digital. MoneyHash is well-positioned to capitalize on this upcoming surge in digital payments adoption.

The company boasts a growing customer base of 50 active paying businesses, who benefit from a tiered pricing structure based on a combination of SaaS fees and transaction fees. This model ensures cost-effectiveness for businesses of all sizes while allowing MoneyHash to scale its operations effectively.

With its latest funding, MoneyHash aims to solidify its position as a leading payment solutions provider in the MEA region, empowering businesses to embrace the future of digital payments.