Moove Automotive is exploring the possibility of making its first electric vehicle. The company has raised $105 million in equity and debt to fund this move. However, the amount is not enough to meet the demand for new and innovative vehicles.
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Moove raises $105 million for vehicle financing
Moove is the first African mobility fintech startup to provide revenue-based vehicle financing. The company offers car financing to new car buyers, ride-hailing business owners and other gig network drivers. With the company’s new funding, Moove intends to expand its vehicle financing model to seven emerging markets in Asia and Africa.
Moove has already financed over three million rides across six African markets. This includes vehicles for courier, logistics and bike-hailing services. It has also financed over 25 million kilometers.
As part of its mission to “democratize” vehicle ownership in Africa, Moove plans to invest in electric vehicles (EVs). Through partnerships with OEMs, Moove would make EVs more affordable. While EVs are a critical part of the platform’s vision, there are still a number of barriers to their adoption. For instance, many Africans lack access to credit and collateral.
Moove has recently secured $10 million in debt financing. The funding will help the company to expand its reach in its current territories, including Lagos and Johannesburg, as well as new countries outside of Africa. In addition, Moove plans to launch additional financial services products this year.
The Moove platform is also working to address the problem of affordability for mobility entrepreneurs in Africa. Until now, there has been limited access to car financing. Moove is aiming to close this gap by providing a long-term solution to the issue of vehicle financing.
Moove is exploring the introduction of EVs
The introduction of electric vehicles (EVs) is a key climate change mitigation technology, but EV communications are lacking. Studies from Scandinavia have already demonstrated public awareness of EVs. These findings may help inform future EV communication strategies.
Using a systems thinking approach, participants drew insights from diverse actors including academics, policy makers, and publics. This led to the discovery of latent opportunities in engaging publics with EV-related knowledge.
A systems thinking approach is a useful way to gather relevant knowledge, initiate agendas for public interactions, and facilitate a more meaningful dialogue with diverse publics. In addition, it can induce higher levels of engagement.
The EV is a good candidate for a communications gizmo. It converts over 77 percent of electrical energy from the grid to power the wheels. However, EVs are far from being an everyday item. They are still responsible for carbon emissions during manufacturing and electricity generation. EVs also require regular recharging.
One of the most useful aspects of the EV is its range. As an alternative transport option, EVs are less reliant on the energy grid and are more fuel efficient. But this does not mean they will not need charging stations. Utilities can help with EV outreach and offer expertise on electrical grid and equipment.
The best way to engage publics in a discussion about EVs is to understand the cultural reference points that make them relevant to them. This can be achieved by promoting extant cultural links.
Moove’s debt and equity isn’t enough to cater to market demands
There’s a bevy of electric vehicle startups to choose from, but Moove Motors stands out. The company has expanded to seven African cities, and has an arsenal of vehicles to boot. And the company has the cash to burn. A well timed marketing campaign may prove it to be the next venture worthy of your attention. Of course, it’s not all good news for a company like Moove. For example, CEO Chris Blinn and CFO Thierry de Lavoix have both made headlines in their own right. So, it’s not surprising that they’re not letting the flies fly.
For example, one of Moove’s competitors, Planet42, recently secured a $100 million financing package. Likewise, FlexClub, also a relative newcomer, has also been given the green light. As a result, the competition is now a lot more ferocious.
