Moove Hits $2.1B Valuation as Silverbacks Tops $37M

In Short

• Moove raised $250 million in Series C funding at a $2.1 billion valuation.
• Silverbacks Holdings says its total investment in Moove now tops $37 million.
• Silverbacks says its stake is now worth more than $62 million based on the new valuation.

What Happened

Moove has raised $250 million in Series C funding at a $2.1 billion valuation. Moove is a mobility company that finances and operates vehicles, and it is now also building systems for autonomous transport, which means vehicles that can drive themselves using software and sensors.

The round was led by Mubadala Investment Company. It was co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific.

African investment firm Silverbacks Holdings said its cumulative investment in Moove has surpassed $37 million after joining the latest round. Silverbacks said its holding is now worth more than $62 million at the new valuation.

Moove said it will use the new capital to expand its autonomous-mobility infrastructure. That includes vehicle fleets, charging and servicing facilities, and operational systems to run autonomous transportation.

Moove also shared operating figures. It says it runs about 42,000 vehicles across 29 cities in 13 countries, and it has reached annual recurring revenue of about $420 million. Annual recurring revenue is subscription-like revenue that repeats each year, which investors use as a signal of business stability.

Silverbacks said it has backed Moove since an earlier stage and increased its investment across successive rounds. It also said the latest commitment is its largest exposure to an African-born technology company so far.

Why It Matters

Large Series C rounds at multi-billion dollar valuations are still rare for Africa-born startups. This deal shows global capital is still available for companies with scale, strong unit economics, and infrastructure-heavy plans.

It also highlights how local investment firms can build meaningful positions over time by staying invested through multiple rounds. For founders, it is another reminder that long-term, repeat backers can become strategic partners, not just early cheque writers.