Moove hits $2.1 billion valuation as it raises $250 million Series C 

Moove, the Lagos-born mobility fintech, has raised $250 million in a Series C round, valuing the company at $2.1 billion, confirming the startup’s unicorn status.

The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. New backers BlueCrest Capital Management, Sona Asset Management and The Raptor Group also joined, alongside existing investors BlackRock, MUFG, Franklin Templeton, Uber and others.

The funding will go toward expanding Moove’s autonomous vehicle business. This includes owning autonomous fleets and building “Nests,” which are robotics-first depot sites where self-driving cars are charged, serviced and maintained. Moove plans to grow its autonomous vehicle staff by more than 220% by the end of the year, from about 150 employees to around 500.

A five-year climb to unicorn status

Moove was founded in Lagos in 2020 by Ladi Delano and Jide Odunsi. It started by financing vehicles for ride-hailing drivers who could not access traditional credit, enabling them to pay for cars from their daily earnings.

The company’s growth was gradual. In 2023, Moove raised $76 million, making it the most funded Nigerian startup that year despite a broader funding slowdown. In March 2024, Uber led a $100 million Series B round that valued Moove at $750 million and marked Uber’s first direct investment on the African continent.

By mid-2025, Moove was seeking a fresh $300 million raise that sources said could push its valuation past $1 billion. At the time, its annualized revenue had grown from about $50 million in 2024 to nearly $400 million, helped by its acquisition of Brazilian fleet operator Kovi and its entry into autonomous vehicle operations through a partnership with Waymo, Alphabet’s self-driving unit.

That growth has now culminated in the $2.1 billion Series C, more than doubling Moove’s previous valuation in under a year.

Moove today operates about 42,000 vehicles across 29 cities in 13 countries and employs roughly 3,300 people. It has grown into one of the largest ride-hailing fleets in the world, expanding through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Its annualised recurring revenue now stands at $420 million.

Moove’s rapid rise has not gone without scrutiny. Condia previously reported on Lagos drivers who said the company’s vehicle financing terms had become predatory, with daily remittance fees doubling for some drivers and used cars allegedly issued in place of the promised new ones. 

The driver disputes centred on Moove’s core ride-hailing financing business in Nigeria, distinct from the autonomous vehicle infrastructure business now driving its new valuation. 

Still, the criticism sits alongside Moove’s growth story as the company leans further into global, robotaxi infrastructure and away from its original driver-financing roots in Lagos.

Last updated: August 5, 2026