Moove makes the move to unicorn status

Nigerian startup Moove has become the continent’s latest unicorn, follows a $250-million investment valuing the company at $2.1-billion.

Unicorns are start-ups with a value of more than $1-billion – a rarity across the African continent, with only 10 now formally included in the definition.

Founded in Nigeria in 2020, Moove provides vehicle financing and financial services to mobility entrepreneurs. Its latest raise represents a significant increase from its previously reported $750-million valuation in 2024, and places it among Africa’s most valuable private technology companies.

Moove’s milestone also continues a notable trend for the Endeavor network: Africa’s last four companies to achieve unicorn status  – Moove, Tyme, Moniepoint and MNT-Halan – have all been Endeavor companies, reinforcing the role high-impact entrepreneurs from the continent are playing in building globally competitive businesses.

“Moove is another powerful example of what happens when African entrepreneurs solve real, mass-market problems and build with global scale in mind,” says Alison Collier, managing director of Endeavor South Africa. “Its $2.1-billion valuation is important not simply as a headline number, but as further evidence of the significant value being created within Africa’s private markets. As these companies continue to grow and build value, they are likely to create credible exit opportunities and realised returns for investors, helping to recycle capital and confidence into the next generation of businesses.”

The milestone follows recent research by Endeavor South Africa, the SA SME Fund and SAVCA showing growing evidence of successful SA venture-backed exits and attractive realised returns in South Africa. With significant value still held in high-growth private companies, the research points to a developing pipeline of future Venture Capital exits as the ecosystem matures.