Moove raises $250M Series C at $2.1B valuation, led by Mubadala, Toyota's Woven Capital, and Ion Pacific
Moove has raised $250 million in a Series C round led by Mubadala Investment Company, with Toyota's Woven Capital and Ion Pacific co-leading, valuing the Lagos-founded mobility fintech at $2.1 billion — capital earmarked for building out an autonomous vehicle business.
Lagos, Nigeria — Moove has closed a $250 million Series C round at a $2.1 billion valuation, the company announced on August 5, 2026. Mubadala Investment Company led the round, with Toyota's Woven Capital and Ion Pacific co-leading.
A wide investor syndicate joined the round: BlueCrest Capital Management, Sona Asset Management, The Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and Ontario Power Generation Pension Plan all participated.
The capital is earmarked for expanding Moove's autonomous vehicle business, including autonomous fleet ownership and robotics-first depot infrastructure, alongside new market launches globally. The company plans to grow its autonomous-division headcount from roughly 150 employees to around 500 — a 220% increase.
Moove today operates approximately 42,000 vehicles across 29 cities in 13 countries, generating $420 million in annual recurring revenue, with a global headcount of 3,300. The company launched in Lagos in 2020 with a fleet of 76 vehicles, financing vehicle ownership for ride-hailing and logistics drivers locked out of traditional auto credit.
A $2.1 billion valuation on a Lagos-born mobility fintech, backed by a sovereign wealth fund (Mubadala), a strategic automaker investor (Toyota's Woven Capital), and an institutional pension plan (Ontario Power Generation Pension Plan) in the same round, is a strong signal that African-founded companies can pull in the same capital stack as global-tier startups when the underlying metrics hold up ($420M ARR, 42,000 vehicles, 13 countries). The pivot toward owning autonomous vehicle infrastructure — not just financing human-driven fleets — is the more important story for investors watching Moove: it is trying to get ahead of the same autonomy shift reshaping mobility capital everywhere else, not just defend its original vehicle-financing niche.
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