Silverbacks Holdings invested more than $37 million in Moove, during its $250 million round announced last week, its largest single investment in an African-born technology company.
The Mauritius-based investment firm participated in Moove’s $250 million Series C round, which was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. Existing and new investors including Uber, BlackRock, Franklin Templeton, MUFG, BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated.
Silverbacks’ stake, accumulated since Moove’s early A1 funding round, is now valued at more than $62 million based on the latest financing price, according to the firm.
The investment gives Silverbacks a significant position in a company that has expanded from its African roots into a global mobility operator. Founded in 2020 by Ladi Delano and Jide Odunsi, Moove finances, owns and operates vehicles for mobility platforms, including autonomous vehicle fleets.
The company said it reached annual recurring revenue of $420 million within five years of launch. It now operates about 42,000 vehicles across 29 cities in 13 countries on five continents, with more than 3,300 employees.
Moove is Uber’s largest global fleet partner and has also become a third-party operator of autonomous vehicle fleets through its partnership with Waymo. Its autonomous mobility operations are live or announced in cities including Phoenix, Miami, Las Vegas and London.
“Moove’s phenomenal trajectory and rapid expansion across five continents is a testament to the vision of its founders,” Ibrahim Sagna, executive chairman of Silverbacks Holdings, said in a statement. “We are proud to be part of this historic milestone and to support a true ‘silverback’ in the global mobility space.”
For Silverbacks, the investment extends a strategy of backing African-founded businesses capable of expanding beyond the continent. The firm has invested progressively in Moove over six years, increasing its exposure across successive funding rounds.
“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,” Delano, Moove’s co-founder and co-chief executive officer, said.
The transaction also comes shortly after Silverbacks recorded its 10th portfolio exit, following the acquisition of open-banking startup Mono by Flutterwave. Silverbacks said its fintech investments have generated an average cash-on-cash return of 15.8 times.
The firm is also expanding beyond technology into Africa’s sports, entertainment and creative industries, where it has attracted investors and advisers including actor and director Boris Kodjoe, producer Pepsi Pokane, musician Mr Eazi and media executive Sandy Climan.
Moove’s latest funding underscores growing investor appetite for African-founded companies that can build international businesses rather than remain confined to their home markets. The company’s expansion into vehicle financing, fleet operations and autonomous mobility has broadened its addressable market beyond traditional ride-hailing.
For Silverbacks, the Moove investment represents both a substantial capital commitment and a bet that African entrepreneurs can build globally significant platforms in industries ranging from financial technology to transportation.
The firm’s latest exposure now stands at more than $62 million in value at Moove’s new valuation, giving Silverbacks a sizable paper gain on its early investment while reinforcing its strategy of backing companies before they reach global scale.