African-founded mobility company Moove has raised $250m in a Series C funding round, valuing the company at $2.1bn and making it the latest African-founded technology company to reach unicorn status.
Founded in Nigeria in 2020, Moove provides vehicle financing and financial services to mobility entrepreneurs. The new valuation represents a significant increase from the $750m valuation reported in 2024.
The company said the funding will support its continued growth, although the announcement did not provide details on how the new capital will be allocated.
The latest funding round also highlights the growing value of African technology companies. Moove's $2.1bn valuation places it among Africa's most valuable private technology companies.
Moove is also the fourth company in the Endeavor network to achieve unicorn status in Africa in recent years, following Tyme, Moniepoint and MNT-Halan.
Alison Collier, managing director of Endeavor South Africa, said Moove's valuation was evidence of the value being created within Africa's private markets.
“Moove is another powerful example of what happens when African entrepreneurs solve real, mass-market problems and build with global scale in mind,” said Collier.
She said the growth of high-impact African companies could create more exit opportunities and realised returns for investors, potentially helping to recycle capital into the next generation of businesses.
The funding comes amid growing attention on venture capital exits in South Africa. Recent research by Endeavor South Africa, the SA SME Fund and Savca found evidence of successful venture-backed exits and realised returns in the local market.
According to the organisations, significant value remains held in high-growth private companies, pointing to a potential pipeline of future venture capital exits as the African ecosystem matures.
