From Lagos to $2.1 Billion: How Moove Became Africa’s Newest — and Fastest — Unicorn
Mobility financier’s $250 million Series C nearly triples its worth in under two years, making it the continent’s third most
Mobility financier’s $250 million Series C nearly triples its worth in under two years, making it the continent’s third most valuable private tech company.
Moove, the Nigerian-born mobility company now headquartered in the UAE, has joined Africa’s exclusive unicorn club after closing a $250 million Series C round that values the business at $2.1 billion.
The round was led by Abu Dhabi sovereign investor Mubadala, with Woven Capital and Ion Pacific co-leading. The valuation marks a dramatic climb from the $750 million figure last disclosed in 2024 — nearly a threefold jump in under two years.
Among the continent’s most valuable
The new valuation places Moove third among African private tech ventures with recently disclosed numbers, trailing only fintech heavyweights Flutterwave ($3.2 billion) and OPay ($3.1 billion).
It also makes Moove one of the fastest African startups ever to reach unicorn status. Launched in 2020, the company crossed the billion-dollar threshold in 2026 — a six-year sprint that stands out sharply in a market where such outcomes have become increasingly rare.
A rare mega-round
The Series C is the second-largest equity round recorded by an African startup so far in 2026, behind only Spiro’s $270 million raise in June. Together, the two deals account for 44% of all equity funding raised across the continent this year as of August 10, according to data from Africa: The Big Deal.
Before Spiro and Moove, the last comparable ticket was Tyme’s $250 million Series D in December 2024 — more than a year and a half ago.
Moove has now raised roughly half a billion dollars in equity and over $180 million in debt, bringing its total funding to nearly $700 million. Only MNT-Halan (approximately $1.2 billion) and Sun King (approximately $900 million) have raised more across equity and debt combined.
What it signals
While unicorn creation on the continent remains uncommon, Moove’s round demonstrates that the market can still deliver outsized outcomes when growth, global expansion and deep-pocketed strategic capital align.
Coming on the heels of Spiro’s June raise, the deal also points to a shift in what Africa’s largest funding recipients look like. Increasingly, they are not classic software — or even AI — startups, but capital-intensive infrastructure platforms, echoing a pattern already established in the energy sector.
As Africa: The Big Deal put it: “Infrastructure eats capital.”
