Uber to Back Nigeria’s Moove in Up to $100 Million Round
- Funding round could push Moove’s market value to $750 million
- Moove provides financing to drivers to buy new vehicles
Uber headquarters in San Francisco.
Photographer: Michaela Vatcheva/BloombergThis article is for subscribers only.
Uber Technologies Inc. is in talks to back African vehicle-financing startup Moove in a funding round of as much as $100 million, said people familiar with the matter.
The US ride-hailing firm will join a group of investors in the cash raise, which will push Moove’s enterprise value to about $750 million from a pre-money valuation of about $650 million, said the people, who asked to remain anonymous as the talks are still private. The funding round has not yet concluded and the final figure could still change, ranging between about $75 million and $100 million, they said.