Moove partners with Waymo for autonomous fleet operation

In September, we wrote that Moove, the Uber-backed Nigerian startup that finances vehicles for ride-hailing companies, was expanding to the US.

We predicted that the startup’s expansion to the US will likely follow its expansion to the UAE where it operates electric and hybrid vehicles. It appears Moove is mooving higher than we predicted. 

Yesterday, the mobility startup announced a partnership with Waymo, an American startup that makes autonomous technology for cars, to manage fleet operations for its robotaxi service in Phoenix and soon, Miami. This partnership strengthens Moove’s role in fleet management and could lead to working with self-driving cars later on. However, the focus remains on fleet maintenance for Waymo’s robotaxi service, not on leasing autonomous vehicles to drivers.

Robotaxi services use self-driving cars to transport passengers without the need for a human driver. This is the first time Moove is working with autonomous vehicles. Waymo, which recently launched its robotaxi service on the Uber app in Phoenix, will rely on Moove to keep its self-driving cars running smoothly and to help set up charging stations and depots in both cities.

Waymo intends to transition fleet operations to Moove in Phoenix by early 2025. Moove will also help with the development of charging stations and depots for the company’s fleet in Miami.

Moove’s partnership with Waymo is the latest in the startup’s journey after it raised $100 million in March, a round led by Uber with participation from Mubadala ventures. 

Waymo’s partnership with Moove reflects its strategy to delegate operational management while concentrating on advancing its self-driving technology.

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Nissan Egypt, the subsidiary of the Japanese car manufacturer, wants to drive more investment into local manufacturing.

It has announced that it will invest $45 million to produce its third locally assembled car. The plan, made possible through an agreement with the government, targets an annual production of 17,000 units—10,000 for the local market and 7,000 for export. 

Nissan Egypt’s mission to expand its operations in Africa also aligns with the recent trend of giant Asian car-makers growing their interest in the continent. In October, Japanese automobile upstart and a Nissan competitor, Stellantis announced that it will build production facilities in Egypt in deals worth €116 million ($123 million). Chinese auto-maker BYD also announced plans to expand in Egypt and increase local production of its cars.

What is driving this interest from giant car-makers is Egypt’s Automotive Industry Development Program (AIDP), which incentivises automakers to boost local production. The program offers tax breaks, subsidies, and other benefits that make it cost-effective for companies to manufacture in Egypt while serving both local and regional markets.

Egypt has a shrinking market for car sales, yet consumers are showing a strong preference for fuel-efficient cars, which is where the opportunity lies for these auto-manufacturers. Nissan’s Sunny model car has been one of its hits in Egypt; in 2023, it sold 10,590 units, the most in the country, dethroning the Chevrolet T-Series in unit sales which has held the number spot for the past eight years.

Nissan will build more Sunny model cars. It will also build a new car model to put into the market, with more than half of the parts sourced from local suppliers in Egypt.

Beyond this model, Nissan plans to invest an additional $2 million to raise production capacity for all its locally assembled cars, increasing its total output from 25,000 units to over 30,000 by 2025. This expansion comes as Nissan Egypt looks to grow its export revenue, which already hit $150 million, by 50% in 2024.

This week, Sylndr, an Egyptian automotive e-commerce startup, secured a $7.45 million working capital facility from the Investment Banking division of EFG Hermes. (November 29)

Here are the other deals for the week:

• Stima, a Kenya-based cleantech company, secured undisclosed funding from Renew Capital. (November 30)
• Hydrobox, a Kenya-based energy startup, raised $9 million in debt financing from FMO – a Dutch entrepreneurial development bank. (November 30)
• Biomassters, a Rwanda-based cleantech startup, raised an undisclosed funding round from Acumen. (December 2)
• Premium Technology & Services (PTS), a Morocco-based fintech, raised $500,000 from BMCE Capital Investments, the private equity arm of the BMCE Capital Group. (December 2)
• Nowlun, an Egyptian logistics startup, raised $1.7 million in seed funding in a round led by Nama Ventures and A15, with participation from Sanabil 500 Global and prominent angel investors. (December 2)
• Konnect, a Tunisian fintech startup, received an undisclosed investment from Renew Capital. (December 3)
• Enakl, a Moroccan urban mobility startup, secured a $1.4 million pre-seed funding in a round led by Catalyst Fund and also featuring Renew Capital, Digital Africa, Station F and 15 business angels to speed its growth, both in Morocco and in other markets. (December 3)
• HUB2, an Ivory Coast-based fintech, raised $8.5 million in a Series A funding round led by TLcom Capital. Participating companies include FMO, Enza Capital, Bpifrance, and Eric Barbier, founder of Thunes. (December 3)
• Tunzaa, a Tanzanian fintech startup, secured an undisclosed amount of funding from Warioba Ventures to help it expand. (December 4).
• LAfricaMobile, a Senegal-based cloud communication startup, closed an additional $2.2 million to its Series A funding round. The final phase of the round was led by Bpifrance, the French state-backed investment bank, with participation from Janngo Capital, Southbridge Investments, and Ciwara Capital. (December 4)
• The Good People Data Company (TGPDC), a South African Software Development Applications startup, raised an undisclosed equity round from REdimension Capital. (December 4)

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