Moove Receives $20m Financing From British International Investment
Moove, a Nigerian-based international start-up has received a $20m funding from the British International Investment, BII.
The company was founded in 2020 by Ladi Delano and Jide Odunsi in response to the challenge faced by over 2 million African mobility entrepreneurs – the lack of access to vehicle financing.
The $2m investment was announced by the company in a press statement issued on Thursday.
According to Moove, the investment will play a key role in expanding its operations in Nigeria and significantly strengthen its product offerings for customers across the country.
British International Investment (“BII”), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group, introduced its new name and announced a US $20 million, 4-year structured credit investment in Moove.
The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.
Moove has also become the first business to qualify for BII’s BOLD (Black Ownership and Leadership Development) and 2X qualifications, which are both geared towards establishing a more inclusive approach towards investing.
Speaking on how the new five-year strategy is driving its investment in Moove, Nick O’Donohoe, CEO BII said, “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.
“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”
Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”