Silverbacks' Global Gambit: How African Capital Fuels a Mobility Giant's $2.1 Billion Ascent
The recent $250 million Series C funding round for Moove, an African-born mobility technology company, wasn't just another capital infusion; it was a clear validation of a strategic investment thesis championed by firms like Mauritius-based Silverbacks Holdings. Silverbacks injected over $37 million into this round, marking its largest single investment in an African-founded technology company to date, underscoring a calculated bet on ventures with global ambitions.
Moove, founded in 2020 by Ladi Delano and Jide Odunsi, secured its latest funding at a valuation of $2.1 billion. The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific, with significant participation from existing and new investors including Uber, BlackRock, and Franklin Templeton. For Silverbacks, whose stake in Moove has progressively grown since the early A1 funding round, its current holding is now valued at more than $62 million, demonstrating a remarkable return on its sustained confidence in the enterprise.
Moove's operational footprint is impressive, having reached annual recurring revenue of $420 million within five years of launch. The company now manages approximately 42,000 vehicles across 29 cities in 13 countries on five continents, employing over 3,300 individuals. Its strategic partnerships are equally noteworthy: Moove serves as Uber’s largest global fleet partner and has expanded into third-party operations for autonomous vehicle fleets through a collaboration with Waymo, with operations live or announced in cities such as Phoenix, Miami, Las Vegas, and London.
This trajectory is a testament to Silverbacks' enduring strategy of backing African-founded businesses capable of expanding beyond the continent. As Ibrahim Sagna, executive chairman of Silverbacks Holdings, noted, Moove's expansion across five continents exemplifies the founders' vision. Silverbacks' investment approach has been consistent, systematically scaling up its exposure across successive funding rounds over six years, as affirmed by Moove’s co-founder Ladi Delano.
Beyond Moove, Silverbacks' investment acumen is further evidenced by its recent 10th portfolio exit following the acquisition of open-banking startup Mono by Flutterwave. The firm’s fintech investments, in particular, have generated an average cash-on-cash return of 15.8 times. This track record, coupled with its expansion into Africa’s sports, entertainment, and creative industries, attracting high-profile investors and advisers, positions Silverbacks as a formidable player in a shifting investment landscape.
The broader market implications are clear: Moove’s substantial funding round, and the sustained commitment from investors like Silverbacks, signals a growing investor appetite for African-founded companies that are not content to remain confined to their continent of origin. Instead, these entities are proving their capability to build and scale international businesses, challenging prior perceptions and setting a new benchmark for global competitiveness originating from Africa.