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Moove Africa is a company dedicated to providing affordable, fuel efficient vehicles to women living in Africa. The company’s model is a revolutionary concept that has the potential to transform the market for women drivers. To date, the company has committed to providing at least 50% of its sales to women. Its vehicle offerings include electric and hybrid drive cars.
Moove’s commitment to at least 50% of its customers are women
Moove is upending the traditional financial services space on the continent. With a commitment to at least 50% women customers and a product design that makes car ownership easier, the company is putting the p into peasantry. It has also wowed the crowd with a recent $23 million oversubscribed Series A round. In fact, Moove’s latest funding announcement is a big deal for anyone interested in the emerging markets that make up the African Continent.
Moove’s product is no doubt a good way to help the millions of budding mobility entrepreneurs across Africa unlock the vehicle of their dreams, and its technology is helping them get there quicker than their competition. Indeed, Moove-financed vehicles have already made millions of miles in Africa, and have completed hundreds of thousands of trips. While the new company is still in the early stages of growth, it is on track to be the leading player in the crowded space.
Moove’s vehicles are electric or hybrid drive
A hybrid vehicle is an automobile that is primarily powered by an internal combustion engine (ICE) or an electric motor. Most hybrid designs use a gasoline engine as the primary fuel, while others use petroleum-derived gasoline mixed with a renewable ethanol. For example, a car with a gasoline-fueled engine and an electric motor is a “mild hybrid”, and uses up to 15% bioethanol to make up the balance.
A parallel hybrid is a type of hybrid that has a smaller electric motor as its primary motive power. This is a more efficient choice for stop-and-go urban driving than a full hybrid. Parallel hybrids have over 50 kW of power, which allows for moderate acceleration. The vehicle can also be charged from regenerative braking or from a pedal-powered generator. These vehicles are typically a little more expensive than comparable non-hybrids.
Some of the major hybrid manufacturers are Toyota, Ford, and General Motors. In 2006, Chevrolet introduced its Silverado Hybrid, which uses an electric motor to supplement the engine.
Moove, an African mobility fintech firm, recently secured funding for a 105 million Series A2 round of equity and debt. This funding will enable the company to expand into new markets.
Founded by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is focused on democratizing access to vehicle ownership in Africa. It targets the continent’s severe problem of limited vehicle financing. Currently, fewer than 5 percent of vehicles purchased in Africa are financed.
Moove is targeting new mobility entrepreneurs with affordable and flexible vehicle financing. The company plans to grow its partnerships and add new product offerings this year. In addition to providing vehicle finance, Moove is also helping to formalize the informal transport economy. By cutting weekly rental fees from drivers’ salaries, it’s providing drivers with opportunities for financial independence.
Currently, Moove operates in six African cities. It plans to expand into seven more in the next six months. Moove’s vehicles have completed more than three million rides since the platform’s launch.