Moove has become Africa’s first new unicorn of 2026 after reaching a $2.1 billion valuation in a Series C funding round that raised $250 million. The milestone makes the mobility technology company the first African startup to join the global unicorn club this year, ending a period in which the continent had not produced a new billion-dollar startup.
Recall that we recently reported that no African startup was listed on TechCrunch’s new unicorn list of 2026, Moove becomes the first African startup to attain unicorn status in 2026
The achievement comes against a challenging backdrop for African venture capital. A recent TechCrunch analysis found that nearly 90 startups worldwide reached unicorn status during the first half of 2026, with Asia accounting for more than half of the new billion-dollar companies. During the period covered by the report, Africa produced no new unicorns, highlighting the increasingly selective nature of late-stage funding.
The Series C round was led by Abu Dhabi’s Mubadala, while Toyota’s growth investment arm Woven Capital and Ion Pacific joined as co-leads. BlueCrest, Sona Asset Management and the Raptor Group also participated, underscoring continued investor appetite for companies building the infrastructure behind the future of mobility.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove began by helping ride-hailing drivers in Africa access vehicle financing where traditional lending options were limited. The company built its business around providing vehicles to drivers through flexible financing models, addressing one of the biggest barriers to earning income in the region’s ride-hailing market.
Over the past few years, however, Moove has expanded well beyond its original business. It now describes itself as a mobility infrastructure company that finances, owns and operates fleets for both conventional ride-hailing services and autonomous vehicle platforms.
The company’s scale reflects that transformation. Moove says it operates approximately 42,000 vehicles across 29 cities in 13 countries and generates about $420 million in annual recurring revenue. Those figures position the company as one of the largest fleet operators serving the global mobility industry.
Autonomous mobility has become a key part of Moove’s growth strategy. The company is Uber’s largest global fleet partner and also manages autonomous vehicle fleets through its partnership with Waymo. Operations are already underway in Phoenix and Miami, with London expected to become the next market in its autonomous fleet expansion.
Rather than developing self-driving technology itself, Moove focuses on the operational layer that allows robotaxi services to scale. Its business includes vehicle ownership, charging, maintenance, servicing and day-to-day fleet management, enabling autonomous driving companies to concentrate on developing their software while outsourcing fleet operations.
The valuation also carries broader significance for Africa’s technology ecosystem. Venture funding has become more disciplined since the investment boom of 2020 and 2021, with investors placing greater emphasis on sustainable business models and clearer paths to profitability. At the same time, much of the world’s growth capital has shifted toward artificial intelligence, robotics and advanced technology sectors.
Moove’s rise demonstrates that African-founded companies can still attract substantial global investment by building businesses that scale beyond their home markets. While the company started by solving a local mobility challenge, it has evolved into a global infrastructure provider serving one of the fastest-growing segments of the transportation industry.
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With a $2.1 billion valuation, Moove joins the ranks of Africa’s billion-dollar technology companies and becomes the continent’s first new unicorn of 2026. The milestone offers a rare bright spot for Africa’s startup ecosystem and reinforces the growing importance of mobility infrastructure as autonomous transportation moves closer to the mainstream.
