African mobility fintech startup Moove has raised $30 million just a few months after raising $18.4 million to scale its UK operations. The new round of funding will facilitate the company’s expansion to the UAE as it prepares to introduce its electric vehicle (EV) charging app Moove Charge.
This is the company’s first sukuk (sharia-compliant) funding and will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments and will open further avenues for the financing of Moove’s ambitious expansion plans.
Ladi Delano, co-founder and co-CEO of Moove, said, “This financing is a milestone for Moove – our first sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”
Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, while accelerating the electrification of mobility and enhancing the ride-hailing passenger experience. Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet ambitious Net Zero targets.
Moove launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership and has so far gained admirable traction across several markets.