Move Eyes Unicorn Status With $300M Fundraising Round
Nigerian mobility fintech startup Moove is in advanced talks to raise $300 million in new funding, a deal that could propel the company’s valuation beyond $1 billion, according to a report. The capital raise would officially position Moove as one of Africa’s newest unicorns and further establish its reputation in the global urban mobility and fleet management ecosystem.
Founded in 2020 and backed by Uber, Moove started as a vehicle financing company for ride-hailing drivers in Africa but has since expanded its footprint across the globe, including recent operations in Brazil, India, the UK, and the United States.
Moove’s Global Expansion and Growth Trajectory
The $300 million funding effort follows Moove’s January 2025 acquisition of Kovi, a Brazilian car rental company. This acquisition marked a major step in the company’s mission to expand beyond Africa and scale its mobility solutions globally.
Moove’s revenue has seen a remarkable leap, growing from $115 million to $360 million annually (or approximately $30 million monthly) over the past year. This rapid growth has been largely driven by:
- Vehicle financing for Uber drivers
- Expansion into the fleet management space in the U.S.
- Strategic partnerships with autonomous vehicle (AV) companies
Strategic Alliance with Waymo and Entry into AV Ecosystem
Moove is working closely with Waymo, the self-driving technology division of Alphabet (Google’s parent company), to manage essential backend operations in cities like Phoenix and Miami. These include:
- Charging infrastructure
- Vehicle cleaning
- Depot and storage management
“The current agreement with Waymo is limited to fleet management,” said Ladi Delano, Co-CEO and Co-Founder of Moove. “But we’re positioning ourselves to go further.”
Moove is laying the foundation to acquire autonomous vehicles (AVs) directly from manufacturers and lease them to drivers or businesses, offering full-spectrum support, from financing to maintenance. This positions Moove to extend its popular “drive-to-own” model into the autonomous vehicle era, turning Uber drivers into AV fleet owners.
Moove’s Market Footprint and Investor Backing
Moove has already deployed vehicle financing solutions in Africa, India, and the United Kingdom and is now entering more regulated markets like the United States. The company has secured more than $750 million in debt and equity financing to date, with top investors including:
- Uber (with over 10% equity stake)
- Mubadala Investment Company (Abu Dhabi-based sovereign investor)
Moove’s workforce is growing rapidly, with 90+ hires in the U.S. this year alone, contributing to a global team of over 2,100 employees.
The Future of Urban Transport: Moove’s Strategic Bet
While companies like Waymo and Cruise focus on building self-driving technology, Moove is betting on the infrastructure layer, ensuring that fleets are charged, clean, and ready for deployment. In the next generation of urban transport, Moove aims to be the backbone of operational excellence in autonomous mobility.
“Ownership and operational control will be the real power centers in the AV future,” Delano noted.
Key Takeaways:
- Moove is in talks to raise $300 million, pushing it toward unicorn valuation.
- The company has grown revenue to $360 million/year, driven by global expansion.
- Working with Waymo, Moove is entering the autonomous vehicle fleet management space.
- Plans include purchasing AVs, offering AV fleet leasing, and managing infrastructure.
- Backed by Uber, Mubadala, and others, with $750M already secured in funding.
- Moove now operates in markets including Nigeria, Brazil, India, UK, and the U.S.
