Nigerian mobility startup Moove leads African tech investment in Q1 2024

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Nigerian mobility startup Moove has emerged as the frontrunner in African tech investment for the first quarter of 2024, according to a report by research firm Africa: The Big Deal.

The report highlights that while overall investment in African startups declined compared to Q1 2023, Moove secured a significant amount, propelling them to the top spot.

Here’s a breakdown of Moove’s achievements:
Total Funds Raised: $110 million
Breakdown:

• $100 million Series B round led by Uber
• $10 million debt financing for India expansion

It reads, “Moove leads with $110m announced this quarter in total: a $100m Series B round led by Uber, and a $10 million debt deal to finance its India expansion. Moove alone attracted 24 per cent of the funding on the continent in Q1, therefore influencing other trends.

“87 per cent of the funding went to start-ups HQ’ed in the Big Four, with 60 per cent going to Nigeria (2/3 of which were the Moove deals) and Kenya. Few other countries managed to claim more than $5m in funding during the period.”

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This impressive haul translates to Moove attracting a staggering 24% of all the funding raised by African startups in Q1 2024. This feat significantly impacted funding trends across the continent.

The report further reveals:

• Overall Investment: $466 million raised by 121 African startups (deals exceeding $100,000)
• Funding Distribution:
  ▪︎ 87% went to startups headquartered in the “Big Four” African economies (Nigeria, Kenya, South Africa, and Egypt)
  ▪︎ 60% went to Nigerian startups, with two-thirds of that being Moove’s deals.

Moove’s success story signifies the growing potential of Nigerian startups to attract major investments, particularly in the transportation and logistics sector. It also highlights the increasing interest from established players like Uber in backing innovative African companies.

This development is likely to inspire further investment in Nigerian tech ventures and could potentially lead to a domino effect, boosting the overall African tech ecosystem.