How Moove raised over $710 million before exiting Nigeria

Moove, the Nigerian-founded mobility financing company, had raised more than $710 million in global funding before announcing its exit from Nigeria this month, six years after launching operations in the country.

The company attracted funding from global investors, including Uber, Mubadala Investment Company, BlackRock and Franklin Templeton, as it expanded from vehicle financing for ride-hailing drivers into international fleet operations and autonomous mobility infrastructure.

The $710 million figure represents Moove’s reported global fundraising, not the amount invested in Nigeria.

Moove’s funding journey

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing to drivers working with ride-hailing platforms, allowing them to acquire vehicles through a revenue-based repayment model.

• Moove began its fundraising journey with a $5.5 million seed round in 2020, before securing $23 million in Series A funding in August 2021 to expand its vehicle financing business.
• In March 2022, Moove raised $105 million in a Series A2 round to support expansion into new markets across Asia, the Middle East and Europe.
• Nairametrics reported in January 2023 that Moove secured a combined $181.8 million across five reported funding deals in 2022. The figure covered multiple deals during the year, including the company’s expansion financing, rather than representing an additional round on top of the individual deals.
• In June 2022, British International Investment (BII) announced a $20 million, four-year structured-credit investment in Moove to support vehicle financing in Nigeria. BII subsequently stated that Moove had raised local financing to replace its funding.

More funding as Moove expands internationally

In August 2023, Nairametrics reported that Moove raised $76 million in new financing to support its expansion and push towards profitability.

• The report said the funding included $28 million in equity led by Mubadala Investment Company, $10 million in venture debt managed by BlackRock and $38 million in previously undisclosed funding raised over the preceding 12 months.
• Nairametrics reported that the $76 million financing brought Moove’s cumulative fundraising to more than $335 million and valued the company at $550 million.
• In March 2024, Moove raised $100 million in a Series B funding round led by Uber, with participation from existing investor Mubadala Investment Company. The round valued the company at $750 million.
• Nairametrics reported at the time that Moove had raised a total of $460 million, comprising $250 million in equity funding and $210 million through debt financing.

Moove also secured a $10 million debt facility from Stride Ventures in February 2024 to support its expansion in India. Nairametrics subsequently reported that the Series B round and the Stride Ventures facility accounted for $110 million in disclosed funding across the two deals.

The Series B funding supported Moove’s international expansion, including plans to increase its vehicle fleet and enter additional markets.

Moove becomes a unicorn after $250 million Series C

Moove attained unicorn status in August 2026 after raising $250 million in a Series C funding round that valued the company at $2.1 billion. The development was reported by Nairametrics.

• The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. Other investors included BlueCrest Capital Management and Sona Capital, alongside existing backers such as BlackRock, MUFG, Franklin Templeton and Uber.
• The new valuation represented a significant increase from the $750 million valuation Moove achieved after its March 2024 Series B round.
• The funding was intended to support new market launches and strengthen the company’s autonomous mobility business, including fleet ownership and infrastructure for charging, servicing and maintaining vehicles.

The Series C brought Moove’s total capital raised to more than $710 million.

Moove gives customers N35 billion worth of cars after Nigeria exit

Moove announced on October 8, 2026, that it would conclude its Nigerian operations, six years after launching in Lagos.

As part of its exit, the mobility financing company said it would transfer vehicles worth approximately N35 billion to eligible existing customers, who would own the vehicles outright without further payments for the vehicles themselves, subject to applicable arrangements.

Moove also said it would give cars to all its Nigerian staff members in recognition of their contributions to the company.

The company said it had served more than 9,000 customers in Nigeria, helping them generate approximately N57 billion in revenue through vehicles financed by its platform.