Moove raises $250M at $2.1B valuation

Moov Technologies, a global mobility company founded in Nigeria in 2020, raised $250 million in a Series C funding round at a $2.1 billion valuation, making it Africa's latest unicorn. The round was led by Mubadala Investment Company and co-led by Woven Capital (Toyota's growth fund) and Ion Pacific, with participation from BlueCrest Capital Management, Sona Asset Management, and Raptor Maps. Moov Technologies plans to use the funds to expand its autonomous vehicle business, including fleet ownership and robotics-first depot infrastructure called 'Nests', enter new markets, and grow its autonomous workforce by over 220% to about 500 employees by end of 2026. The company currently operates approximately 42,000 vehicles across 29 cities in 13 countries, employs 3,300 people, and generates $420 million in annual recurring revenue. Through a partnership with Alphabet Inc. — Waymo, Moov Technologies operates autonomous fleets in Phoenix and Miami, with London planned. The funding brings Moov Technologies's total capital raised to over $710 million and reflects growing investment in autonomous mobility infrastructure.