Moove becomes Africa’s most valuable mobility unicorn at $2.1bn, overtaking Egypt’s MNT-Halan and Algeria’s Yassir

Nigeria’s Moove has emerged as Africa’s most valuable mobility startup, reaching a $2.1 billion valuation after closing a $250 million Series C funding round, overtaking Egypt’s MNT-Halan and Algeria’s Yassir to become the continent’s highest-valued transport technology company.

The funding round, announced this week, is also the largest single fundraising disclosed by an African startup in 2026, reflecting growing investor confidence in companies building mobility infrastructure rather than traditional ride-hailing platforms.

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The investment was led by Mubadala Investment Company, with participation from existing and strategic investors including BlackRock, Uber and Toyota’s Woven Capital. The proceeds will be used to expand Moove’s autonomous vehicle fleet operations and deepen its global infrastructure business.

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove initially tackled a major challenge facing Uber and Bolt drivers in Nigeria, which is limited access to vehicle financing. The company developed a revenue-based financing model that enabled drivers to acquire vehicles and repay loans directly from their earnings.

Six years later, the company has transformed into a global mobility infrastructure provider operating in 13 countries and 29 cities, with annual recurring revenue (ARR) of $420 million, according to the company.

Today, Moove’s business extends far beyond vehicle financing. It manages autonomous vehicle fleets for Alphabet-owned Waymo in Phoenix, Miami and London, positioning itself as one of the companies building the operational backbone for the global self-driving vehicle industry.

“This investment marks a significant milestone in our mission to build the world’s largest and most profitable fleet for autonomous mobility
As AV adoption accelerates, Moove is uniquely positioned to bridge the gap between innovation and large-scale commercial deployment,” said Ladi Delano, Moove’s co-founder and chief executive officer.

The latest valuation also broadens Nigeria’s unicorn landscape, which until now has been dominated by fintech companies such as Flutterwave, Moniepoint, OPay and Interswitch. Moove becomes the country’s first billion-dollar startup focused exclusively on mobility.

Industry observers say the company’s success demonstrates how African startups are increasingly attracting global capital by solving infrastructure challenges with worldwide applications.

Africa’s three mobility unicorns now command nearly $5bn in combined value

Moove’s rise has reshaped the rankings of Africa’s mobility industry.

With a valuation of $2.1 billion, the Nigerian company now leads a small group of mobility unicorns on the continent.

Egypt’s MNT-Halan, valued at approximately $1.4 billion, built its business around digital lending, vehicle financing and financial services for underserved consumers. Rather than depending solely on transport, the company evolved into one of Africa’s largest fintech-powered mobility platforms.

Algeria’s Yassir, valued at around $1.43 billion, followed a different path by expanding from ride-hailing into a super-app offering food delivery, e-commerce, digital payments and financial services across North Africa.

Together, the three companies illustrate how Africa’s most valuable mobility startups have diversified well beyond transporting passengers. Instead, they generate value through financial technology, fleet operations, digital infrastructure and autonomous mobility services.

For investors, the future of African mobility lies less in ride-hailing and more in the technology, financing and infrastructure that enable transport ecosystems to scale.

Why Moove pulled ahead

Moove’s latest valuation reflects its successful transition from an African mobility startup into a global infrastructure company.

Unlike many competitors that remain concentrated in domestic markets, Moove now earns significant revenue from developed markets while managing autonomous vehicle fleets for one of the world’s leading self-driving technology companies.

Its strategic partnerships with Waymo, Uber and Toyota-backed Woven Capital have also strengthened investor confidence that the company is positioned to benefit from the commercial rollout of autonomous vehicles.

The company’s rapid international expansion has further reduced dependence on any single market, making it one of Africa’s most globally diversified technology firms.

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Spiro, MAX.ng, Gozem and Ampersand lead Africa’s next unicorn race

While Africa currently has only three verified mobility unicorns, several fast-growing startups are widely viewed by investors as the continent’s strongest candidates to join the billion-dollar club.

Spiro, headquartered in Benin, has emerged as one of Africa’s leading electric mobility companies after raising hundreds of millions of dollars to expand electric motorcycle manufacturing, battery-swapping infrastructure and financing across West and East Africa. Its aggressive expansion strategy has made it one of the sector’s closest unicorn contenders.

Nigeria’s MAX.ng continues to strengthen its position through commercial electric motorcycle assembly, battery-swapping infrastructure and logistics services. Although its valuation remains well below the $1 billion threshold, investors see the company as one of West Africa’s leading electric mobility businesses.

Francophone African super-app Gozem is also expanding rapidly across Togo, Benin, Gabon and Cameroon. The company has diversified beyond ride-hailing into digital payments, logistics and vehicle financing, supported by backing from international development finance institutions.

In East Africa, Rwanda-based Ampersand is scaling electric motorcycle production and battery-swapping networks through partnerships with global manufacturers, including BYD. The company has become one of the region’s most prominent clean mobility startups.

Other companies being closely watched include BasiGo in Kenya, which is expanding electric bus deployment across East Africa, M-KOPA Mobility, which combines vehicle financing with digital financial services, and Roam, formerly Opibus, which is building electric buses and motorcycles for African cities.

Although none has yet crossed the $1 billion valuation mark, analysts believe continued investment in electric vehicles, battery infrastructure, digital finance and autonomous transport could produce Africa’s next generation of mobility unicorns over the next few years.

For Nigeria, Moove’s achievement represents more than another unicorn. It signals that African startups can build globally competitive companies in transport infrastructure, positioning the continent not only as a market for mobility innovation but also as a supplier of the technologies shaping the future of transportation.