Lagos-founded mobility technology company Moove has joined Africa's growing unicorn club after raising $250 million in a Series C funding round that valued the company at $2.1 billion.
The milestone makes Moove one of Africa's newest billion-dollar private technology companies and marks a major leap from its previous disclosed valuation of about $750 million in 2024.
Moove was founded in Lagos in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, initially building its business around vehicle financing for ride-hailing drivers who struggled to access traditional credit.
The company has since expanded into a global mobility platform operating across multiple international markets, with its latest strategy increasingly focused on autonomous transportation infrastructure.
The $250 million Series C was led by Mubadala Investment Company and co-led by Woven Capital, Toyota's growth fund, and Ion Pacific.
New investors including BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated, alongside existing backers such as BlackRock, MUFG, Franklin Templeton and Uber.
The new funding will help Moove expand its autonomous mobility operations and develop infrastructure needed to support self-driving vehicle fleets.
The company plans to build robotics-focused facilities known as Nests, where autonomous vehicles can be charged, maintained, serviced and prepared for continuous operation.
Moove's strategy represents a significant shift from its original driver-financing model towards becoming an infrastructure provider for the emerging autonomous mobility industry.
The company has positioned itself around the idea that self-driving transportation will require more than autonomous vehicles, with fleets, charging systems, maintenance facilities, data infrastructure and city-level operations also needed.
Moove's rise comes at a time when African technology companies are operating in a more challenging global investment environment, making the latest valuation particularly significant.
The company's $2.1 billion valuation also places it among Africa's most highly valued private technology businesses with recently disclosed valuations.
Beyond the financial milestone, Moove's journey highlights the growing ability of African-founded startups to build businesses capable of attracting major international investors.
The company now operates on a much larger scale than when it began in Lagos, demonstrating how a locally developed business model can evolve into a global technology platform.
Moove has also been expanding its autonomous mobility workforce as it prepares for a larger role in the emerging robotaxi ecosystem.
The fresh capital is expected to support further expansion, infrastructure development and the company's efforts to establish operations in additional markets.
For Nigeria's technology ecosystem, Moove's achievement provides another high-profile example of a startup founded locally reaching billion-dollar status through international expansion and investment.
The milestone also strengthens Africa's position on the global technology map as investors increasingly look beyond traditional fintech opportunities towards mobility, infrastructure and emerging technologies.
Moove's journey from financing vehicles for drivers in Lagos to building infrastructure for autonomous transportation therefore represents a major transformation in both its business model and global ambitions.
With its latest funding round complete and valuation now at $2.1 billion, the Lagos-founded company enters its next phase as one of Africa's newest technology unicorns.