(MENAFN) MOV, a leading global mobility fintech company specializing in providing vehicle ownership opportunities for entrepreneurs in the mobility sector, has announced the successful completion of a USD100 million Series B funding round. Notably, Mubadala Investment Company ("Mubadala"), Abu Dhabi's sovereign investment entity, participated in this round, building on its previous leadership in financing MOV during the 2023 round. Additionally, ride-hailing giant Uber joined in the new financing round, further validating MOV's innovative approach to addressing mobility challenges.
With the infusion of capital from this latest funding round, MOV is poised to accelerate its expansion efforts within the global mobility landscape. The company aims to bolster its vehicle supply, particularly focusing on increasing the availability of electric vehicles (EVs) across multiple markets. This strategic initiative aligns with MOV's broader mission to promote sustainable mobility solutions while driving accelerated growth in various geographic regions worldwide.
In line with its growth strategy, MOV intends to deploy the newly raised investments to expand its operational footprint, targeting a presence in 16 markets by the end of 2025. By expanding its fleet of vehicles and enhancing its service offerings, MOV seeks to establish a robust and sustainable mobility ecosystem that benefits customers globally.
Ladi Delano, the founder of MOV, expressed his enthusiasm for the milestone achievement, emphasizing the company's founding mission to address the critical gap in vehicle financing faced by millions of entrepreneurs, particularly in Africa's mobility sector. Delano's remarks underscore the significance of MOV's vision to empower entrepreneurs and facilitate access to essential resources, driving economic empowerment and mobility solutions on a global scale.
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