Moove Becomes Africa’s Latest Tech Unicorn After Reaching $2.1bn Valuation
Nigerian-founded mobility startup Moove has officially joined the list of African technology unicorns after raising $250 million in a Series C funding round, pushing its valuation to $2.1 billion.
The company, founded in 2020 by British-Nigerian entrepreneur Ladi Delano and Jide Odunsi, secured the investment in a round led by Mubadala Investment Company, with participation from major investors including Toyota’s Woven Capital, Ion Pacific, BlackRock, Uber, MUFG, Franklin Templeton, BlueCrest Capital Management, Sona Asset Management and The Raptor Group.
The fresh funding will support Moove’s expansion into autonomous vehicles, including the acquisition of self-driving fleets and the development of specialised “Nests” — robotics-focused facilities for charging, maintenance and repairs.
The company also plans to significantly increase its workforce, growing from about 150 employees in its autonomous vehicle division to around 500 staff by the end of the year.
From Vehicle Financing Startup to Global Mobility Company
Moove was established to solve one of the biggest challenges facing ride-hailing drivers in Africa: access to vehicle financing.
Instead of relying on traditional credit systems, the company introduced a revenue-based repayment model that allows drivers to own vehicles and repay loans through a percentage of their weekly earnings.
The startup has since expanded beyond Africa, operating across Europe, the Middle East, Asia and Latin America.
Today, Moove operates one of the world’s largest ride-hailing fleets, with more than 42,000 vehicles across 29 cities in 13 countries. The company has about 3,300 employees globally and has grown its annual recurring revenue to an estimated $420 million.
Its growth has also been boosted by strategic acquisitions, including Tokyo Taxi in Japan and Kovi in Brazil.
Moove’s journey has attracted backing from global companies such as Uber and Mubadala, while the startup has raised hundreds of millions of dollars in equity and debt financing.
In 2025, the company strengthened its financial position by clearing previous debt facilities and repaying about $100 million in loans.
Another Milestone for Nigeria’s Tech Ecosystem
Moove’s achievement marks another major milestone for Nigeria’s technology sector, following the rise of fintech company Moniepoint, which became a unicorn in 2024 after securing $110 million in funding and reaching a $1 billion valuation.
Moniepoint, founded by Nigerian entrepreneurs Tosin Eniolorunda and Felix Ike, built its platform around providing payment infrastructure, digital banking and financial solutions for businesses across Africa.
With Moove now crossing the $2 billion valuation mark, Nigeria continues to strengthen its position as one of Africa’s leading technology hubs alongside South Africa, Egypt and Kenya.
