In the first quarter (Q1) of 2024, Africa’s startup scene saw another year-on-year and quarter-on-quarter dip in investments – with a notable exception in the mobility and fintech sectors. A drop in funding According to Africa: The Big Deal, Q1 saw $466 million raised through $100k+ deals by 121 startups (excluding exits). This is a 27% decrease from the previous quarter and only half of the amount raised at the same time last year. Techpoint Africa’s analysis of data from Intelpoint notes a 62% drop in African tech startup funding compared
Uber Technologies Inc. has officially led a $100 million Series B funding round for Moove, an African mobility fintech company. This investment propels Moove’s valuation to an impressive $750 million and marks Uber’s first foray into African continent investment. Moove Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has revolutionized vehicle financing. It operates with a business model that provides access to vehicle ownership for mobility entrepreneurs who traditionally face barriers in accessing financing. Moove’s model allows drivers to own vehicles by paying a portion of their weekly income, which
Uber Technologies Inc. is set to invest in Nigerian startup Moove in a funding round that could reach up to $100 million, Bloomberg reports. Moove Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has expanded its reach beyond its origins. The duo’s aim is to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs. With its headquarters in Amsterdam, the company now operates across Africa, the UK, the UAE, and India. Moove’s innovative business model revolves around a unique credit-scoring system,
