Moove, the Lagos-founded mobility fintech, has secured a $250 million Series C funding round, lifting its valuation to $2.1 billion and cementing its position among Africa’s newest technology unicorns.
The investment was led by Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, alongside co-lead investors Woven Capital, Toyota’s growth investment arm, and Ion Pacific. New investors including BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated, while existing backers such as BlackRock, MUFG, Franklin Templeton and Uber increased their support.
The latest fundraising underscores growing investor confidence in businesses building the infrastructure needed for the next generation of mobility, particularly autonomous vehicle operations.
Founded in 2020 by British-Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove initially focused on providing revenue-based vehicle financing to ride-hailing drivers who were underserved by traditional lenders. The company began operations in Lagos with just 76 vehicles but has since expanded into a global mobility platform.
Today, Moove manages approximately 42,000 vehicles across 29 cities in 13 countries, employs around 3,300 people and generates approximately $420 million in annual recurring revenue, highlighting the company’s rapid international expansion within six years.
Chief Executive Officer Ladi Delano said the company’s next phase of growth will centre on developing the physical infrastructure required for autonomous transportation.
“Autonomy requires fleets, charging, maintenance and 24/7 operations in every city,” Delano said in a statement.
The fresh capital will be deployed to expand Moove’s autonomous vehicle business, including investments in fleet ownership, electric charging infrastructure and robotics-enabled operating hubs known as “Nests.” These facilities are designed to charge, maintain, service and coordinate autonomous vehicles around the clock, improving fleet efficiency and reducing downtime.
Moove has also strengthened its position in the emerging self-driving ecosystem through its partnership with Waymo, Google’s autonomous driving subsidiary. Under the collaboration, the company manages autonomous vehicle fleets in Phoenix and Miami, with plans to expand operations into London. Moove expects to increase its autonomous vehicle workforce from about 150 employees to roughly 500 by the end of the year.
The funding represents another milestone for Africa’s technology sector, demonstrating that startups founded on the continent can scale into globally competitive infrastructure companies. Unlike firms developing autonomous driving software, Moove is positioning itself as the operational backbone of the industry by financing, owning and managing fleets and the supporting infrastructure essential for commercial self-driving services.
With its latest valuation, Moove joins the ranks of Africa’s billion-dollar startups while signalling a broader shift in investor appetite toward companies enabling the future of transportation through scalable, asset-backed mobility infrastructure.
