An angel investor Kyane Kassiri has revealed why he invested in Uber – backed Moove at a $4m valuation back in 2020 following the company’s latest status as a unicorn.
According to Kassiri, his reasoning was “Moove is offering vehicle financing to Uber drivers in Nigeria. This would help fix Uber’s driver retention issue, and Uber would want to replicate that across its other major African markets: South Africa, Egypt, Kenya, Ghana. Eventually, Uber might want to acquire them for $100m-$200m. If I come in now at $4m val, assuming 30-50% dilution, that’s a ~20x return. Might be worth it.”
Moove’s Explosive Growth
Moove has surpassed those expectations reaching a $450m run rate and acquiring Kovi (Brazil) and Tokyo Taxi (Japan) as part of its expansion. The company has also partnered with Waymo for AV fleet management and expanded across 13 countries, operating 42,000 vehicles and employing approximately 3,300 people worldwide.
According to the company, annual recurring revenue has reached $420 million and as a vote of confidence in its growth, Uber led its Series B funding round while Mubadala led the Series C at $2.1B valuation.
The Nigerian-founded mobility technology company raised $250 million in Series C financing, valuing the business at $2.1 billion and making it Africa’s newest unicorn. The investment, led by Abu Dhabi’s Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth investment arm, alongside Ion Pacific, ranks as the largest single venture capital round publicly announced by an African startup in 2026.
