The landmark exposure marks one of the largest capital deployments by one institutional African investor
Silverbacks Holdings, a leading private investment firm focused on high-growth companies in underserved African industries, has participated in the recently closed Series C and announced over US$ 37mn of cumulative deployments into Moove, the Uber backed and UAE headquartered global mobility company.
This exposure marks Silverbacks’ single largest investment into an African-born global tech operator to date.
As one of Moove’s early institutional investors who joined the journey during the A1 round, this high conviction stake is now worth over US$ 62mn, based on the latest Series C valuation price, which values Moove at US$ 2.1bn.
Commitment
Such level of commitment underscores Silverbacks’ deep, long-standing belief in the company’s paradigm-shifting model and the visionary leadership of its leaders, Ladi Delano and Jide Odunsi, who co-founded the business in 2020.
Moove is building the operating layer for autonomous mobility. The company finances, owns and operates productive mobility assets for leading mobility platforms across manned and autonomous transportation.
Expansion
“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. We appreciate their partnership and look forward to building on what we’ve achieved together,” asserted Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman, Moove.
“We are proud to be part of this historic milestone and to support a true ‘silverback’ in the global mobility space. They are only getting started,” reiterated Ibrahim Sagna, Executive Chairman, Silverbacks Holdings.
This landmark Moove investment follows a period of high momentum for the firm, which started the year with its 10th exit after its early-stage open banking portfolio company Mono was acquired by fellow Silverbacks portfolio company Flutterwave, a press statement concluded.
