Moove has raised US$250 million in a Series C funding round led by Abu Dhabi sovereign investor Mubadala Investment Company.
The mobility company, which initially built its business by financing ride-hailing vehicles, is expanding its capital and operations platform to fund and manage autonomous vehicle fleets.
The funding round values the company at US$2.1 billion. Woven Capital and Ion Pacific co-led the investment, with participation from new backers BlueCrest Capital Management and Sona Capital.
They join existing investors including BlackRock, MUFG, and Franklin Templeton.
Moove will direct the funds towards its autonomous vehicle operations.
This includes expanding autonomous fleet ownership and building robotics-first depot facilities called Nests, where self-driving vehicles are charged, serviced, and maintained for continuous use.
To support the rollout, the company expects to increase its autonomous mobility workforce from approximately 150 employees to 500 by the end of the year.
Scaling driverless transportation requires substantial capital allocation and physical infrastructure alongside vehicle software. Moove provides the financing and operational systems needed to deploy these fleets at scale.
Since 2020, Moove has operated a revenue-based vehicle financing model for human-driven ride-hailing assets.
The company currently employs 3,300 people and manages a fleet of approximately 42,000 vehicles across 29 cities in 13 countries.
Through strategic acquisitions and organic growth, it reports an annual recurring revenue of US$420 million.
The company is now applying its fleet orchestration and financing model to autonomous systems.
Moove operates as a third-party fleet partner for Waymo, managing live deployments in Phoenix and Miami, with plans to expand to London.
Ladi Delano, Co-Founder and Co-CEO of Moove, said infrastructure ownership and operations will define the shift to autonomy.
“We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together,”
Delano said.
He added that the company now has the platform to take autonomous mobility into everyday transportation. This comes with backing from long-term strategic capital and its anchor base in the UAE.
Featured image credit: Edited by Fintech News UAE, based on image by swampfire via Magnific
