New Investments

Mobility fintech Moove secures $76 million funding to drive global expansion

Moove, a leading technology-driven vehicle subscription platform, has raised an $76 million in its latest funding round consisting of $28m in equity from new and existing investors.

The substantial infusion of capital is set to propel Moove’s ambitious global expansion plans and enhance its innovative vehicle subscription offerings.

The funding round was led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months.

This financial endorsement underscores the growing investor confidence in Moove’s disruptive business model and its potential to reshape the automotive industry.

Founded in 2020, Moove has been gaining traction for its unique approach to vehicle ownership, offering customers flexible and hassle-free vehicle subscription services.

Through its platform, customers can subscribe to vehicles on a monthly basis, providing an alternative to traditional ownership or long-term leasing arrangements.

The new funds will play a pivotal role in accelerating Moove’s international footprint.

The company’s expansion strategy aims to tap into various global markets, catering to diverse customer preferences and mobility needs.

The investment will also fuel the development of advanced technology solutions that enhance the user experience and streamline operations.

The success of this funding round not only highlights the attractiveness of Moove’s business model but also reflects the broader trends in the transportation and mobility sector.

As the automotive landscape evolves towards flexible and service-oriented solutions, Moove’s ability to secure significant funding underscores its potential to revolutionize how people access and utilize vehicles.

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