By Daniel Edu

Moove, a company focused on enhancing mobility and logistics in Nigeria, has successfully secured $76 million in financing, further strengthening the country’s transportation sector.

This latest funding is part of a total funding of $334 million that Moove has acquired across 14 funding rounds. The most recent funding was obtained through a private equity round completed on Wednesday.

Notable investors, including BlackRock and Mubadala, have joined as contributors among the backing received from a total of 31 investors.

Moove distinguishes itself from conventional mobility firms such as Uber or Taxify. Instead, it operates as an automobile financing startup utilizing a hire purchase model. In this model, Moove rents vehicles to drivers, who, after paying a predetermined amount set by Moove, eventually become car owners.

The statement from Moove emphasized the collective impact of Nigerian mobility and logistics startups. These startups have collectively employed 1,374 individuals, averaging around 49 employees per company, according to research by Disrupt Africa.

Regarding the recent funding, Moove indicated that it has now crossed the halfway point toward becoming a unicorn, with a valuation of $550 million. A unicorn refers to a privately held startup valued at over $1 billion