Uber has made its debut investment in Africa, investing $100 million in the African start-up, Moove, an innovative company that makes vehicle ownership more accessible for African drivers.
This investment, alongside contributions from other investors, has ushered Moove’s valuation to an impressive $750 million.
Moove’s initiative to scale operations across existing and new markets is supported by the ground-breaking partnership with Uber, increasing reach in Africa and widening access to transportation services.
Currently active in 13 cities worldwide, Moove anticipates using the new capital to expand its revolutionary vehicle financing platform to 16 markets by 2025.
Moove is all set to streamline the process for leasing their vehicles to drivers, ensuring smoother operations which will improve their services.
In addition, Moove has a vision to empower women by significantly increasing the number of female drivers within their network.
Uber’s collaboration with Moove comes at the heels of the significant regulatory challenges Uber has faced in Africa, offering an opportunity to maintain a reliable supply of drivers for its platform in the region.
Interestingly, Moove has developed a credit-rating system that allows more drivers, including those with limited financial options, to own new vehicles based on their on-road performance.
Uber’s $100 million debut investment in Moove
This stride is backed by advancements in artificial intelligence that aids in effective risk assessment.
Adopting a strong focus on environmental sustainability, Moove offers a wide range of electric vehicle models, contributing to a considerable reduction in carbon emissions.
Despite facing potential challenges such as poor road conditions and inadequate charging infrastructure in Africa, Moove remains committed to providing an eco-friendly and accessible transportation system. They are even considering the use of natural gas vehicles as a viable alternative in African markets.
In addition to working closely with local authorities and stakeholders to improve infrastructure, Moove also plans to orchestrate education and awareness campaigns on the benefits of using eco-friendly and accessible transport.
Undeniably, Moove’s commitment to positive change, despite the challenges, indicates a promising future and could potentially revolutionize the transportation landscape in Africa.
