Nigerian mobility startup Moove has received $20 million from the UK Government’s development finance institution, British International Investment (BII), formerly known as CDC Group.
The latest funding came as a 4-year structured credit from the UK Government’s development finance institution; British International Investment and follows after the startup raised $105 million in its Series A2 funding round in March. The latest investment is a reflection of the investor’s focus on providing capital to help build market resilience and business sufficiency in Nigeria, as well as widening the access to global and economic opportunities while helping entrepreneurs to achieve their goals and ambitions.
The investment was announced recently in a business reception that took place in Lagos, Nigeria. Co-hosted by the British high commissioner in Nigeria – Catriona Lang and the CEO of British International Investment (BII) – Nick O’Donohoe, the meeting resounded the institution’s desire to continue to scale up investment in Nigeria with the hope that it’ll help boost important sectors of the Nigerian economy. “BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular, to achieve clean, green growth. The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria,” Catriona Laing said.
While giving his keynote speech, Nick O’Donohoe spoke on BII’s history and 74 years of presence in Nigeria as well as all the investments the institutions have made, and how it has contributed significantly to Nigeria.
“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,” he said describing how BII’s new five-year strategy is driving its investment in Moove.
For move, the investment will enable the startup to buy and import more vehicles which will then be leased to drivers who can eventually own them over a period of three to four years. This will help create new and more jobs as well as increase revenue for Moove.
“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,” Ladi Delano, co-founder, and co-CEO at Moove, said.