Africa: Silverbacks Holdings Invests Record $37M in Global Mobility Company Moove
[InfoWire] 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 prominent private investment firm, has made a record $37 million investment in the global mobility company Moove, marking one of the largest capital deployments by a single institutional investor into an African-born tech startup. Moove, an Uber-backed and UAE-headquartered company, specializes in the financing, ownership, and operation of mobility assets for various transportation platforms.
The company's recent Series C funding round, led by Mubadala Investment Company and co-led by Woven Capital and Ion Pacific, saw significant participation from Silverbacks Holdings, bringing its total investment in Moove to over $62 million based on the latest valuation. Moove operates around 42,000 vehicles across 29 cities in 13 countries, spanning five continents, and is Uber's largest global fleet partner for autonomous vehicle fleets, with operations in Phoenix, Miami, Las Vegas, and London.
The investment underscores Silverbacks' confidence in Moove's paradigm-shifting model and the visionary leadership of its founders, Ladi Delano and Jide Odunsi, who co-founded the company in 2020.
Written by urgent.news from AllAfrica's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
