Following the close of an oversubscribed $23 million Series A round last August, Moove has raised more capital in an oversubscribed Series A2 from a group of new and returning investors. The fintech startup, which provides mobility entrepreneurs in Africa with revenue-based financing to pay for their vehicles, has raised another $105 million from a group of 7 investors. The latest round lifts the amount of capital raised by the firm to $174.5 million since it was founded by Nigerians Ladi Delano and Jide Odunsi two years ago.
The A2 round was led by Speedinvest, Left Lane Capital, and thelatest.ventures, all of which have backed the company previously. The new investors in the round are AfricInvest, (via its evergreen investment vehicle FIVE), MUFG Innovation Partners, Latitude, and Kreos Capital. How much each is investing and how much of the $105 million is made up of equity versus debt has not been disclosed.
To read this article, you must be a paid subscription member. (Current members login here
Reserve your digital subscription today
Join now for $35 per month
Join now for $395 per year
for access to:
- Weekly newsletter with original and curated news, analysis and perspective
- Africa’s private capital deals, fund raises and the investment firms and executives involved
- Portfolio company news that impacts value and stakeholder participation
- Job moves and partnerships between leading market participants
- Exclusive access to Africa Capital Digest’s full content archive
If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.