Mobility fintech startup Moove has secured $250 million in Series C funding, pushing its valuation to $2.1 billion and officially cementing its position as one of Africa's newest unicorns.

The investment round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota's growth fund, and Ion Pacific. The round also attracted new investors, including BlueCrest Capital Management, Sona Asset Management, and The Raptor Group, while existing backers such as BlackRock, MUFG, Franklin Templeton, and Uber participated in the raise.

According to the company, the fresh capital will primarily accelerate the expansion of its autonomous vehicle business. Moove plans to increase investment in self-driving vehicle fleets and develop robotics-powered operational hubs known as "Nests," where autonomous vehicles will be charged, serviced, and maintained. As part of this expansion, the company expects to more than triple its autonomous vehicle workforce by the end of the year, growing from approximately 150 employees to around 500.

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing to ride-hailing drivers who lacked access to conventional loans. Its repayment model allowed drivers to gradually own vehicles through deductions from their daily earnings, helping thousands gain access to income-generating assets.

The startup has experienced remarkable growth over the past few years. After raising $76 million in 2023, it became Nigeria's most-funded startup that year despite a challenging fundraising environment. In 2024, Uber led a $100 million Series B investment that valued the company at $750 million, marking Uber's first direct investment in an African startup. By 2025, Moove had significantly expanded its operations through the acquisition of Brazilian fleet operator Kovi and its partnership with Waymo, Alphabet's autonomous driving company, positioning itself as a major player in the global autonomous mobility space.

Today, Moove operates approximately 42,000 vehicles across 29 cities in 13 countries, employs about 3,300 people, and reports an annualized recurring revenue of roughly $420 million. The latest funding more than doubles the company's previous valuation in less than a year and underscores investor confidence in its long-term strategy.

Despite its rapid expansion, Moove has also faced criticism over its vehicle financing business in Nigeria. Some ride-hailing drivers have previously alleged that financing terms became increasingly expensive, citing higher daily repayment obligations and concerns over the condition of vehicles supplied. While these issues relate to the company's original driver-financing model, Moove's latest funding reflects growing investor interest in its autonomous vehicle infrastructure business, which has become the company's primary growth engine.