The landmark exposure marks one of the largest capital deployments by a single institutional investor into a single African-born tech startup to date.
Silverbacks Holdings, a leading private investment firm focused on high-growth companies in underserved African industries, has participated in the recently closed Series C and announced over $37 million of cumulative deployments into Moove, the Uber-backed and UAE-headquartered global mobility company. This exposure marks Silverbacks' single largest investment into an African-born global tech operator to date.
As one of Moove's early institutional investors who joined the journey during the A1 round, this high conviction stake is now w orth over $62 million, based on the latest Series C valuation price, which values Moove at $2.1 billion. Such level of commitment underscores Silverb acks' deep, long-standing belief in the company's paradigm-shifting model and the visionary leadership of its leaders, Ladi Delano and Jide Odunsi, who co-founded the business in 2020.
Moove is building the operating layer for autonomous mobility. The company finances, owns and operates productive mobility assets for leading mobility platforms across manned and autonomous transportation. The company scaled rapidly to an ARR of $420m within 5 years of launch.
Silverbacks' latest follow-on investment comes as part of Moove's $250 million Series C funding round, led by Mubadala Investment Company and co-led by Woven Capital (Toyota's growth fund) and Ion Pacific, alongside key global heavyweights including Uber, BlackRock, Franklin Templeton, MUFG, regional resourceful players like Speedinvest, The Latest Ventures, Square Associates and new backers BlueCrest Capital Management, Sona Asset Management and The Raptor Group.
Fueled by growing capital interests, Moove currently operates approximately 42,000 vehicles and has significantly expanded its financing platform across 29 cities in 13 countries spanning 5 continents, with more than 3,300 employees worldwide. The company is Uber's largest global fleet partner and a leading third-party operator of autonomous vehicle fleets through its partnership with Waymo, with operations live or announced across Phoenix, Miami, Las Vegas, and London.
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."
Ibrahim Sagna, Executive Chairman of Silverbacks Holdings, added: "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. We are proud to be part of this historic milestone and to support a true 'silverback' in the global mobility space. They are only getting started."
Over the last six years, Silverbacks Holdings has demonstrated a distinct ability to scale institutional platforms and generate timely liquidity, achieving an average cash-on-cash return in fintech now standing at an impressive 15.8x. This landmark Moove investment follows a period of high momentum for the firm, which started the year with its 10th exit after its early-stage open banking portfolio company Mono was acquired by fellow Silverbacks portfolio company Flutterwave.
Beyond its fintech successes, Silverbacks is rapidly expanding its influence across the broader African creative economy. The firm recently secured fresh capital for its sports platform from Hollywood actor and director Boris Kodjoe and South African mega-producer Pepsi Pokane, who join a growing advisory board of global celebrities and strategic investors: Mr Eazi and Sandy Climan. Together, these milestones underscore Silverbacks' commitment to building category-defining African assets that command global impact.
