Moove, a Sub-Saharan mobility startup that offers revenue-based vehicle finance to assist people across Africa acquire cars, has raised a USD 23 Mn Series A fundraising round to accelerate its growth.
The funding round was led by Speedinvest and Left Lane Capital with participation from DCM, Clocktower Technology Ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Class 5 Global, and Victoria van Lennep, the co-founder of Lendable. Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round, which brings Moove’s total funding to US$68.2 million, including US$28.2 million in equity and US$40 million in debt.
Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs. The company embeds its alternative credit-scoring technology, allowing access to proprietary performance and revenue analytics to underwrite loans. It provides loans to these drivers by selling them new vehicles and financing up to 95% of the purchase within five days of sign up.