Nigerian mobility firm Moove raises $250 million Series C
Nigerian mobility fintech Moove has secured $250 million in a Series C funding round, valuing the company at $2.1 billion. The funds will support the expansion of its autonomous vehicle business.
Moove, a Nigerian-founded mobility fintech company, announced on Tuesday it has raised $250 million in a Series C funding round, achieving a post-money valuation of $2.1 billion. The investment signifies a major milestone for the company as it seeks to scale its operations internationally.
Founded in 2020, Moove provides vehicle financing to mobility entrepreneurs, utilizing proprietary technology to underwrite customers who may lack traditional access to financial services. The company's model embeds its credit scoring technology onto ride-hailing platforms, using performance and revenue analytics.
Moove currently manages a fleet of approximately 42,000 vehicles across 29 cities in 13 countries. The company also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London planned. This latest funding brings Moove's total raised capital to over $710 million.
The funding round was led by Mubadala Investment Company, Woven Capital (Toyota's growth fund), and Ion Pacific, with participation from BlueCrest Capital Management and Sona Capital. The capital infusion is earmarked for expanding Moove's autonomous vehicle division, developing robotics-first infrastructure, entering new markets, and significantly increasing its autonomous mobility workforce.