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 it began operations in the country.
Nairametrics reported thahe company drew funding from global investors, including Uber, Mubadala Investment Company, BlackRock and Franklin Templeton. During that period, it grew from vehicle financing for ride-hailing drivers into international fleet operations and autonomous mobility infrastructure.
The $710 million figure is Moove’s reported global fundraising, not the amount invested in Nigeria.
Ladi Delano and Jide Odunsi founded Moove in Lagos in 2020. It began by financing vehicles for drivers working with ride-hailing platforms, allowing them to acquire cars through a revenue-based repayment model.
Moove started its fundraising journey with a $5.5 million seed round in 2020. In August 2021, it secured $23 million in Series A funding to expand its vehicle financing business.
In March 2022, the company raised $105 million in a Series A2 round to support expansion into new markets across Asia, the Middle East and Europe.
In January 2023, 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. It was not 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 later said Moove had raised local financing to replace its funding.
In August 2023, Moove raised $76 million in new financing to support its expansion and its 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.
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 round led by Uber, with participation from existing investor Mubadala Investment Company. The round valued the company at $750 million.
At that time, Moove had raised a total of $460 million, made up of $250 million in equity funding and $210 million in debt financing.
In February 2024, Moove also secured a $10 million debt facility from Stride Ventures to support its expansion in India.
The Series B round and the Stride Ventures facility together accounted for $110 million in disclosed funding.
The Series B funding supported Moove’s international expansion, including plans to grow its vehicle fleet and enter additional markets.
According to Nairametrics, Moove attained unicorn status in August 2026 after raising $250 million in a Series C round that valued the company at $2.1 billion.
Mubadala Investment Company led the round, with Woven Capital, Toyota’s growth fund, and Ion Pacific as co-leads. Other investors included BlueCrest Capital Management and Sona Capital, alongside existing backers such as BlackRock, MUFG, Franklin Templeton and Uber.
The new valuation was a significant jump from the $750 million Moove achieved after its March 2024 Series B round.
The funding was meant 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 announced on October 8, 2026, that it would end its Nigerian operations, six years after launching in Lagos.
As part of the exit, the company said it would transfer vehicles worth about ₦35 billion to eligible existing customers. They would own the vehicles outright, with no 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 about ₦57 billion in revenue through vehicles financed on its platform.
