Nigerian-founded mobility technology company Moove has raised $250 million in a Series C funding round, achieving a $2.1 billion valuation and securing unicorn status.
The fresh capital will be used to build autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow the company’s autonomous workforce from 150 to 500 by the end of the year.
Moove also plans to enter additional global markets as it focuses on developing the operational backbone required for large-scale autonomous transportation rather than simply supplying vehicles.
The round was led by Mubadala Investment Company and co-led by Woven Capital (Toyota’s Growth Fund) and Ion Pacific. New investors BlueCrest Capital Management, Sona Asset Management, and The Raptor Group joined existing backers BlackRock, MUFG, Franklin Templeton, and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries. The company operates approximately 42,000 vehicles and generates $420 million in annualised recurring revenue.
It has expanded both organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also runs autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its network.
The $2.1 billion valuation places Moove among a select group of African tech unicorns, including Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million raise ranks as the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro secured $270 million cumulatively across two separate rounds.
With this latest investment, Moove is positioning itself as a key player in the emerging autonomous mobility infrastructure landscape across Africa and beyond.
