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A Lagos, Nigeria-founded mobility fintech has secured a historic investment. TechCrunch reports that Moove has announced a $100 million Series B funding round led by Uber — marking the rideshare company’s first investment in Africa. Now, Moove’s valuation is $750 million. “ Today’s announcement marks a significant milestone for us,” Moove Founder Ladi Delano shared in a press release. “When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.” He continued, “This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching...
If “something ain’t adding up” was a person, it would be that of a local Uber driver. Most people familiar with the ride-sharing app know that the drivers do not receive the full amount of funds from a ride. According to the operating model, a portion of the charged fees goes to the driver and another to the company . Pretty standard, right? However, a recent situation revealed that one driver only received about 45 percent of the funds charged for what appeared to be a surged ride. via GIPHY
Working in corporate America is one thing, but serving as a board member across several corporations is another. Ursula Burns went from CEO of Xerox to sitting on various boards for companies including Boston Scientific, the University of Rochester, the MIT Corporation, American Express, Exxon Mobil, Uber, Waystar, and more. During her tenure at Xerox, Burns was the first Black woman to serve as a CEO of a Fortune 500 Company. For this week’s Black Tech Green Money episode, Burns sits down with Heather Hiles, the Managing Partner at Black Ops Ventures and the founder of Pathbrite, during AfroTech Executive Brooklyn. The two discuss the new era of Women In The Boardroom and how to navigate your way into those rooms and claim a seat a the table.
Ball may be life but so is business! From early days of playing basketball to now acting as partners on a new rideshare venture that will bring innovation to the states like never before, Ray Young and Khalid Taylor alongside former NBA player turned entrepreneur, Matt Barnes, are here to change the way you catch a ride from here on out. According to a press release provided to AfroTech, HOPP — the first geosocial ride matchmaking app — offers an added layer of comfort to drivers that it claims the competition does not. The app allows users to book rides based on a personality profile set up within the platform that matches them with people whose interests they align with the most. While the partners stress that you can make money just like you would when driving for Uber and Lyft, that is not the driving factor with the new app, which was founded by co-founders Antoine Allain, Eve Mitchell, and Fabrice Allain. “This is a ‘help you’ service. So, if I’m going in a certain direction,...
Daniel Moses’s story of going from an Uber driver to a millionaire is nothing short of inspirational. The Nigeria native told his story to the British newspaper, The Guardian. He explained that he’d lost more than 150,000 GBP (more than $200,000 USD) in his transportation business, so he had to re-adjust and rethink his strategy. “My search for a better life started in 2004 when I first visited the UK for the first time. In 2015 I lost well over £150,000 in my Nigerian transportation business which caused me to go through anxiety and depression,” he told the outlet. To make ends meet, he first became a delivery driver, then moved on to become an Uber driver. He drove for Uber until he happened to find some information about property investments. He began implementing the strategies he’d learned, and within five years, he’d become a millionaire. “Sixteen months after, I got into property investing, and through the use of various property investment strategies, I have successfully...
Uber and Visa have linked up to support small businesses as the new year continues to unfold. The company has announced its Grants For Growth program which will provide small businesses in 10 U.S. cities with $1 million in funding, according to a press release. The program will be led by Local Initiatives Support Corporation (LISC) with a focus on restaurant recovery and entrepreneurship. “We know that this year has been trying for many and that independently-owned businesses continue to face significant business challenges,” said Sarfraz Maredia, VP of the US and Canada Delivery at Uber in an official press release. “Uber and Visa are committed to supporting SMBs, especially through unexpected events, when they may need us most.”
African mobility is taking on a new meaning thanks to fintech startup Moove and its company mission. Today, the Nigerian tech-based vehicle financing platform — also Uber’s exclusive car financing and vehicle supply partner in sub-Saharan Africa — announced the raise of a $23 million Series A funding round to help empower more African drivers to buy and own their own cars. View this post on Instagram A post shared by Moove (@mooveafrica) According to a press release, the round was led by Speedinvest and Left Lane Capital, with participation from other investors such as DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable. Additional investors also include Africa specialist, Verod Kepple Africa Ventures and existing Moove lender Emso Asset Management. For many of its U.S.-based venture capital backers, Moove is their...
Are flying cars officially real? A prototype flying car has officially completed a test flight between two cities, ABC 7 reports. The Klein Vision AirCar spent 35 minutes airborne between two cities in Slovakia, Nitra, and the capital Bratislava. According to Klein Vision, the AirCar Prototype 1 has now completed over 50 hours of test flights which includes flying at 8,200 feet and reaching a maximum cruising speed of 190 kilometers. Its engine is powered by a 160 horsepower BMW engine and comes equipped with a fixed propeller which allows it to transform from aircraft to road vehicle in less than three minutes. Upon landing in Bratislava on Monday (June 28), once the aircraft transformed into a car, it was driven into the city center by Klein Vision CEO Stefan Klein and company co-founder Anton Zajac. “AirCar is no longer just a proof of concept,” said Zajac in a press release. “It has turned science fiction into a reality.” Klein Vision is also developing a model called the AirCar...
Uber may soon be able to make a very special delivery. With states working to legalize recreational use of cannabis, the ride-sharing company wants in! “When the road is clear for cannabis; when federal laws come into play, we’re absolutely going to take a look at it,” said Uber CEO Dara Khosrowshahi during an interview with CNBC Monday. Although marijuana remains a Schedule 1 drug under federal guidelines along with ecstasy, heroin, LSD, and magic mushrooms, 16 states and the District of Columbia have legalized cannabis for recreational use. Currently, 36 states have legalized marijuana for medical use. For now, Uber wants its focus to remain on current delivery options with key categories such as food and alcohol. “We see so much opportunity out there, and we’re going to focus on the opportunity at hand,” continued Khosrowshahi. Just in the last month, New York, New Mexico, and Virginia have all legalized recreational cannabis for adults leading many to believe that federal...
As countries begin to vaccinate their populations, businesses will begin to reopen. With those re-openings, and the jobs that will be restored in their wake, the economy will gradually begin to make up lost ground. As workers are rehired and incomes begin to grow, so too will consumer confidence. And both mass vaccinations and rising consumer confidence will also allow us to begin to venture out again and be social once again, which ill provided ballast to the ailing hospitality, outdoor recreation, travel, and restaurant sectors. Some businesses are better positioned to take advantage of these expected developments than others. If you’re looking to invest in stocks sure to surge when the economy reopens, look no further than these five stocks. Expedia The biggest company in travel-related search and bookings, Expedia’s stock should grow nicely as consumers begin to travel more frequently. The company owns large players in the online booking space like Orbitz, Travelocity, and...
Making deliveries can be a great way to make some extra part-time — or even full-time — income. While you won’t earn the benefits that come with a full-time job, you can make good money and choose your own schedule — vital for those taking care of family or with other jobs. You can find today’s most-popular delivery gigs, such as Amazon Flex, DoorDash, and Instacart, on your smartphone. If you have an insured vehicle, you can get started by downloading one of these apps and completing the job application form. Once accepted, you’ll be able to pick and choose your delivery shifts or pickups just by logging in. And you’ll be able to deliver items to each customer’s door to practice social distancing. Amazon Flex Given Amazon’s status as the world’s largest retailer, there are always Amazon deliveries to make. Through the Amazon Flex app, users sign up for an available shift, head to a local Amazon warehouse to have their cars or trucks loaded, then make deliveries. Flex drivers are...