Funding Details and Global Investors
Moove, the Nigerian-founded mobility technology company, has officially joined the ranks of Africa's unicorn startups. The company secured $250 million in a Series C funding round, pushing its valuation to $2.1 billion.
Mubadala Investment Company led the funding round. Woven Capital, which is Toyota's Growth Fund, and Ion Pacific co-led the transaction.
New investors in this round include BlueCrest Capital Management, Sona Asset Management, and The Raptor Group. Existing backers also strengthened their support, including BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.
This $250 million Series C transaction represents the largest single funding round announced by an African startup so far in 2026. However, Spiro, another African mobility startup, has raised the largest total amount this year, securing $270 million across two rounds: a $215 million equity round and a $55 million investment from Chinese firm NewTrails Capital.
Autonomous Fleet Expansion Plans
Moove plans to use the fresh capital to expand its autonomous vehicle business. This includes fleet ownership and building robotics-first depot infrastructure known as 'Nests' to support charging, maintenance, servicing, and continuous operation of autonomous fleets.
The funding will also support Moove's entry into new global markets. As part of this expansion, the company expects to increase its autonomous vehicle workforce by more than 220%, growing from about 150 employees to 500 employees by the end of the year.
Co-founder, Co-CEO, and Advisory Board Chairman of Moove, Ladi Delano, stated that the company views autonomous mobility as the next major infrastructure race. He compared the transition to how the internet required data centers and AI required compute power.
Moove started operations in Lagos five years ago and has since evolved into a global mobility platform. The company currently operates autonomous vehicle fleets in Phoenix and Miami through a partnership with Waymo, with plans to expand operations to London.
Global Footprint and Unicorn Standings
Founded in 2020, Moove has grown into one of the world's largest ride-hailing fleet operators. It employs approximately 3,300 people globally and operates about 42,000 vehicles across 29 cities in 13 countries.
The company has expanded through organic growth and strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. These operations have helped Moove grow its annual recurring revenue to $420 million.
At a $2.1 billion valuation, Moove has surpassed the valuation of several existing African unicorns. Fintech giant Flutterwave currently tops the list with an estimated valuation of approximately $3 billion, followed closely by OPay in the same range.
Moniepoint joined the billion-dollar league in October 2025. The addition of Moove brings the total number of African unicorns to 10, joining a list that includes Andela, Chipper Cash, Wave, Tyme, MNT-Halan, and Interswitch.
