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Silverbacks Holdings, the Mauritius-based private investment firm focused on African-born companies, has disclosed cumulative deployments of more than $37 million into Moove, the Lagos-founded global mobility company now valued at $2.1 billion.
The stake is now worth over $62 million based on Moove’s latest Series C valuation, making it one of the largest single-investor exposures to an African-born tech company.
Silverbacks first invested in Moove during its A1 round and has followed on in subsequent rounds, including the recently closed $250 million Series C led by Mubadala Investment Company and co-led by Woven Capital (Toyota’s growth fund) and Ion Pacific.
Other backers in the round include Uber, BlackRock, Franklin Templeton, MUFG, BlueCrest Capital Management, Sona Asset Management, and The Raptor Group.
Ladi Delano, co-founder, Co-CEO and Advisory Board Chairman of Moove, commented: “Silverbacks Holdings has built a reputation in the market for delivering remarkable returns for their investors. At Moove, we know them for their ability to help unearth unique operational and capital pools opportunities. Over the last six years, as we were expanding the company across the globe, they systematically scaled up their investments into our business – round after round. We appreciate their partnership and look forward to building on what we’ve achieved together.“
Co-founded by Delano and Jide Odunsi in Lagos in 2020, Moove has grown from an initial fleet of 76 vehicles to approximately 42,000 vehicles across 29 cities in 13 countries, with 3,300 employees and $420 million in annual recurring revenue.
The company is Uber’s largest global fleet partner and operates as a third-party autonomous vehicle fleet manager through its partnership with Waymo, with operations live or announced in Phoenix, Miami, Las Vegas, and London.
“We are committed to backing dominant, tech-enabled platforms born in Africa that can scale to the rest of the world. Moove’s phenomenal trajectory and rapid expansion across five continents is a testament to the vision of its founders,” said Ibrahim Sagna, executive chairman of Silverbacks Holdings.
Silverbacks says it has achieved an average cash-on-cash return of 15.8x across its FinTech portfolio. The firm started 2026 with its 10th exit after portfolio company Mono was acquired by fellow Silverbacks portfolio company Flutterwave.
Beyond FinTech, Silverbacks has been expanding into the African creative economy, recently securing capital for its sports platform from Hollywood actor Boris Kodjoe and South African producer Pepsi Pokane, who joined an advisory board that includes Mr Eazi and Sandy Climan.
