Moove Joins Africa’s Unicorn Club With $2.1 Billion Valuation

Nigerian-born, UAE-headquartered mobility company Moove has joined Africa's growing unicorn club after securing a $250 million Series C round that valued the company at $2.1 billion.

The funding round was led by Mubadala and co-led by Woven Capital and Ion Pacific, marking a significant increase from Moove's last disclosed valuation of $750 million in 2024.

According to a report by Africa: The Big Deal, the latest valuation places Moove among Africa's three most valuable private technology companies with recently disclosed valuations, behind fintech giants Flutterwave, valued at $3.2 billion, and OPay, valued at $3.1 billion.

The $250 million Series C is the second-largest equity funding round secured by an African startup in 2026 so far, trailing only Spiro's $270 million raise announced in June. Together, the two rounds account for approximately 44% of all equity funding raised by African startups in 2026 as of August 10.

The size of Moove's latest round also highlights the scarcity of major funding deals on the continent. Before Spiro and Moove, the last African startup to secure an equity round of this scale was Tyme, which raised $250 million in its Series D in December 2024.

With the latest funding, Moove's total capital raised has reached roughly $700 million, comprising about $500 million in equity and more than $180 million in debt. Only MNT-Halan, with approximately $1.2 billion, and Sun King, with around $900 million, have raised more in combined equity and debt.

The mobility company has also emerged as one of the fastest African startups to reach unicorn status, achieving the milestone in just 6 years. Although the creation of new African unicorns remains relatively rare, Moove's latest milestone demonstrates that the continent can still produce large-scale technology companies when strong growth, international expansion and substantial strategic investment converge.

Moove now joins a growing group of African-founded technology companies that have crossed the $1 billion valuation threshold. The group includes Flutterwave, OPay, Interswitch, Moniepoint, Wave, Chipper Cash, Andela, MNT-Halan, Tyme/TymeBank.

The company's entry is particularly notable because it expands the African unicorn story beyond its heavy concentration in fintech. While payments, banking and financial services have produced most of the continent's billion-dollar startups, Moove has demonstrated that mobility, transportation and technology infrastructure can also generate companies at global scale.

Founded in 2020, Moove powers the capital, infrastructure and city-level systems that underpin leading mobility platforms across driver-led and autonomous transportation.

The company finances and owns mobility assets across global markets, powering the world's leading platforms to scale efficiently and reliably. Also, it runs city-level operations, platform integrations and workflows that keep fleets available, utilised and service-ready around the clock.

Notably, Moove operates the world's largest manned ride-hail fleet, with more than 39,000 vehicles across 29 cities. Having achieved EBITDA break-even in September 2024 and on course for approximately $400 million in annual recurring revenue this calendar year, Moove has grown 70× since 2020 through relentless focus, disciplined execution, and global ambition.

Building on this foundation, Moove is now creating the world's largest physical AI asset manager the Hyperscaler for the Autonomous Revolution developing the infrastructure layer that will enable the global scale-up of Level 4 autonomy.

Also, it is launching its Series C to fund this next phase of growth, expanding globally and building the infrastructure layer to enable the scale-up of Level 4 autonomy. The company applies the same infrastructure platform across today's ride-hail fleets and the next generation of autonomous mobility.

Its rapid growth reflects expansion across international markets and its focus on providing vehicle financing and mobility solutions to drivers.

Moove's rise represents not only a major milestone for the company but also another signal of the potential for African-founded startups to attract significant global capital and compete at the highest levels of the international technology market.