Moove, a Nigerian-born mobility company, has joined Africa’s growing list of unicorns after raising $250 million in a Series C funding round that valued the company at $2.1 billion.
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.
According to Africa: The Big Deal, Moove’s new valuation places it among the three most valuable African private technology companies with recently disclosed valuations, behind fintech companies, Flutterwave at $3.2 billion and OPay at $3.1 billion.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove is now headquartered in the United Arab Emirates and has expanded from its initial fleet of 76 vehicles in Lagos to approximately 42,000 vehicles across 29 cities in 13 countries.
The company has also grown to about 3,300 employees and reported annual recurring revenue of $420 million.
