The British International Investment (BII) has extended $20 million in debt funding to Nigerian mobility startup Moove. The 4-year structured credit investment brings the firm’s total funding this year alone to $135 million.
Moove has been on an expansion spree and has attracted several investors. The latest investment by BII will enable Moove to purchase and import brand new fuel-efficient cars into the country. These cars will then be leased to drivers in an asset-ownership model spread over three to four years.
In March this year, Moove raised $105 million in an oversubscribed Series A2 round that brought in equity and debt investors led by Speedinvest, Left Lane Capital among others.
The mobility startup was founded in 2020 by Ladi Delano and Jide Odunsi and aims at democratizing vehicle ownership across Africa through revenue-based financing. It has spread its wings to Ghana, Kenya, Uganda and South Africa, Europe, the Middle East and Asia. It has also partnered with Uber to provide car financing solutions.
Ladi Delano, co-founder and co-CEO at Moove said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.”
The British International Investment (BII) was formerly known as CDC Group. It’s the investment arm of the British government and has been instrumental in supporting the growth of African startups.
Nick O’Donohoe, CEO at BII said, “In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”