The funding round, led by Mubadala Investment Company and co-led by Woven Capital (Toyota's growth fund) and Ion Pacific, marks a significant increase from Moove's last disclosed valuation of $750 million in 2024.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, the company has expanded from an initial fleet of 76 vehicles to approximately 42,000 vehicles across 29 cities in 13 countries, with about 3,300 employees and annual recurring revenue of $420 million.
The Moove Model: Financing Mobility Entrepreneurs
Moove's core business model is providing vehicle financing to ride-hailing and delivery drivers who have typically been excluded from traditional financing channels due to lack of credit history. The company uses alternative credit scoring models to assess risk, allowing more drivers to access vehicles and earn a living.
The company's model has proven effective: drivers who secure financing through Moove are able to increase their incomes significantly, creating a cycle of economic empowerment that benefits families and communities across the continent.
Strategic Expansion into Autonomous Vehicles
The latest funding will be used to expand Moove's autonomous vehicle business, including fleet ownership and the development of robotics-focused depots known as "Nests." The company is already working with Waymo as a third-party fleet operator, with autonomous operations live in Phoenix and Miami, and London planned as its first international expansion.
Co-founder and co-CEO Ladi Delano said the funding represents a validation of the company's vision to build the world's largest mobility platform.
"Our expansion into autonomous vehicles and robotics is a natural evolution of our mission to democratise access to mobility. We're building the infrastructure that will power the future of transportation," Delano said.
Co-founder and co-CEO Jide Odunsi added: "This investment allows us to accelerate our autonomous vehicle operations and expand our fleet management capabilities. We're excited to bring our model to new markets and continue serving mobility entrepreneurs across the globe."
Africa's Growing Unicorn Club
Africa's unicorn club now stands at ten, with Nigeria producing six of these billion-dollar startups, including Interswitch, Flutterwave, OPay, Andela, Moniepoint and now Moove. Senegal has one unicorn (Wave), Uganda is represented by Chipper Cash, while Egypt's MNT-Halan and South Africa's Tyme Group complete the list.
The achievement follows Moove's landmark $100 million Series B funding round in August 2024, which valued the business at $750 million.
Global Ambitions
The company recently expanded into Canada through a partnership with Uber, adding to its existing operations in markets including the United Kingdom, the United Arab Emirates, India and several African countries. The new funding will enable Moove to accelerate its rollout of autonomous vehicle operations, an area in which the company sees significant strategic value.
The expansion into autonomous vehicles represents a significant step for the company and the broader African tech ecosystem. Moove's ability to secure funding from major global investors such as Mubadala and Woven Capital demonstrates the growing appetite for African-founded companies that are building scalable businesses with global reach.
Investor Confidence in African Tech
The funding round demonstrates growing investor confidence in African-founded companies with global ambitions. Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, has been an active investor in technology companies across the globe, and its participation in Moove's funding round signals the company's belief in the potential of African tech.
Mubadala's investment follows a broader trend of Middle Eastern investors increasing their exposure to African technology companies. The region's sovereign wealth funds have become significant players in the African tech ecosystem, providing capital and strategic support to fast-growing companies.
The Road Ahead
For Moove, the challenge is to maintain its growth trajectory while expanding into new markets and business lines. The company's expansion into autonomous vehicles represents a significant strategic bet, one that could open up substantial new revenue streams if successful.
The company will also need to navigate the complexities of operating across multiple markets, each with its own regulatory framework and competitive dynamics. However, Moove's proven business model and strong investor backing position it well for continued growth.
With reporting from BusinessDay, Reuters, TechCabal, CNBC Africa, TechRound, ThisDay, Ahram Online and Kenya News Agency.
