The Netherlands-headquartered Moove Africa BV, which is a fleet manager for global cab-hailing major Uber in Africa, is raising around $100 million to ramp up its business in the continent.
The firm was founded in 2019 and is owned by Nigerian founders Jide Odunsi, Oladipo Delano and Iyinoluwa Aboyeji, who also sit on its board. It is in the process of roping in some minority equity investors besides raising debt capital, The Capital Quest has learnt.
The firm is likely to complete the equity funding over the next few weeks, it is learnt. The quantum of this equity deal by one or more investors could not be immediately ascertained.
In the meantime, the company has got commitment of around $30 million in debt from International Finance Corporation (IFC), the private-sector investment arm of the World Bank. Part of this will be via a syndicated loan from one or more development financial institutions.
Separately, emerging markets fixed-income specialist asset manager Emso is arranging for $70 million. It is not clear if it is also involved in bringing on board the equity shareholders.
Moove, which has operations in Nigeria, Ghana and South Africa, runs flexible rental and lease models with partnering drivers who have the ability to own the vehicles after agreed tenures. It is Uber’s exclusive fleet manager in sub-Saharan Africa (outside of South Africa) via a partnership that was announced last July.
Among its founders, Odunsi and Delano are associated with Nigerian investment and advisory firm Grace Lake Partners. Aboyeji is a serial entrepreneur who is presently also associated with Partcloud, which claims to solve business problems using no-code technology products and platforms.