Moove Series C Funding Pushes Valuation To $2.1 Billion
Quick Reads
- Moove has raised $250 million in a Series C round, valuing the company at $2.1 billion.
- Mubadala Investment Company led the round, co-led by Woven Capital and Ion Pacific.
- New backers BlueCrest, Sona Asset Management and The Raptor Group joined existing investors including BlackRock and Uber.
- Fresh capital will fund Moove’s autonomous vehicle expansion, including its “Nests” depot network.
- The company now runs about 42,000 vehicles across 29 cities in 13 countries.
Moove Series C funding has confirmed the startup’s long-anticipated unicorn status, with the mobility fintech now valued at $2.1 billion. The Lagos-born company closed the $250 million round this week, more than doubling its valuation from under a year ago. Mubadala Investment Company led the raise, and the deal was co-led by Woven Capital, Toyota’s growth fund, alongside Ion Pacific.
New investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group also joined the table. They sit alongside longtime backers BlackRock, MUFG, Franklin Templeton and Uber. That mix of sovereign wealth, growth capital and strategic auto money signals strong confidence in Moove’s next chapter. The fresh funding will fuel Moove’s push into autonomous vehicles, according to details shared with Condia. Much of it goes toward “Nests,” robotics-first depot sites where self-driving cars get charged and serviced.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove started small. It financed vehicles for ride-hailing drivers who could not access traditional credit. Growth followed steadily, from a $76 million raise in 2023 to a $100 million Series B in 2024. That round, led by Uber, valued the company at $750 million and marked Uber’s first direct African investment.
Momentum has only accelerated since. Annualized revenue jumped from roughly $50 million in 2024 to nearly $400 million, helped by the Kovi acquisition in Brazil. A partnership with Waymo also pushed Moove deeper into autonomous vehicle operations. Today, the company says it operates around 42,000 vehicles across 29 cities in 13 countries, employing roughly 3,300 people.
Still, Moove’s rise has drawn scrutiny along the way. Lagos drivers have alleged predatory financing terms tied to the company’s core ride-hailing business. Those disputes remain separate from the autonomous vehicle infrastructure now driving its valuation. Even so, Moove keeps leaning further into global robotaxi infrastructure, moving steadily away from its original driver-financing roots.
