This round marks ride-hailing giant Uber’s first investment in an African tech startup and strengthens Moove’s position as a leader in providing vehicle financing solutions for mobility entrepreneurs.

The funding round, which confirms earlier reports from Bloomberg, comes on top of the $250 million Moove has already raised in equity financing and $210 million in debt financing.

This fresh injection of capital will fuel Moove’s ambitious expansion plans, targeting entry into 16 new markets by the end of 2025.

Currently, the Lagos-based company operates in six countries: Nigeria, South Africa, Ghana, the UK, India, and the UAE.

Sustainability is also a key focus for Moove. The company plans to expand its electric vehicle (EV) offerings across its markets, with India taking the lead.

Partnering with Uber, Moove aims to introduce over 20,000 electric vehicles to Uber’s Indian platform, supporting the ride-hailing company’s goal of achieving a zero-emission fleet by 2040.

“We want to be a frontrunner in electrification across all our markets,” said Ladi Delano, Moove’s co-CEO.

“While focusing on EVs in developed markets like the UK and UAE, for countries like Nigeria, we’ll prioritize compressed natural gas (CNG) vehicles as a stepping stone towards EVs.”

Delano further elaborated on Moove’s efforts to prepare the Nigerian market for CNG adoption, aiming to mitigate rising fuel prices for its customers.

“Africa presents immense potential, and we remain committed to investing in the continent,” said Delano.

“However, profitability remains crucial. We will continue to evaluate global opportunities, expanding only where we see a clear path to achieving financial sustainability.”