Moove, a Nigerian-born mobility company, has joined Africa’s growing list of unicorns after raising $250 million in a Series C funding round that valued the company at $2.1 billion.
The funding round, led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific, marks a significant increase from Moove’s last disclosed valuation of $750 million in 2024.
According to Africa: The Big Deal, Moove’s new valuation places it among the three most valuable African private technology companies with recently disclosed valuations, behind fintech companies, Flutterwave at $3.2 billion and OPay at $3.1 billion.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove is now headquartered in the United Arab Emirates and has expanded from its initial fleet of 76 vehicles in Lagos to approximately 42,000 vehicles across 29 cities in 13 countries.
The company has also grown to about 3,300 employees and reported annual recurring revenue of $420 million.
The latest funding will be used to expand Moove’s autonomous vehicle business, including fleet ownership and the development of robotics-focused depots known as “Nests”.
These facilities are designed to charge, service, maintain and coordinate autonomous vehicle fleets around the clock.
Moove is also working with Waymo, the autonomous driving company, as a third-party fleet operator. Its autonomous operations already live in Phoenix and Miami, while London is planned as its first international expansion.
The company plans to increase its autonomous mobility workforce from about 150 employees to approximately 500 by the end of 2026 as it expands into new markets.
Read also: Nigeria’s new tax rules put employee perks under fresh scrutiny
The $250 million Series C is the second-largest equity funding round announced by an African startup in 2026, according to Africa: The Big Deal, behind electric mobility company Spiro’s $270 million round announced in June.
Together, the two rounds accounted for 44% of all equity funding raised by African startups in 2026 as of August 10, highlighting the increasing concentration of capital in large, established technology companies.
Moove has now raised about $500 million in equity and more than $180 million in debt, bringing its total capital raised to nearly $700 million.
Only MNT-Halan, with approximately $1.2 billion in combined equity and debt, and Sun King, with about $900 million, have raised more among African startups on the same basis, according to the report.
For Moove, the new valuation represents a rapid rise for a company launched only six years ago and reflects investors’ growing interest in the infrastructure required to support autonomous transportation at scale.
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