Moove raises $250M to scale autonomous vehicle fleet management
Moove has secured $250 million in new funding at a $2.1 billion valuation to expand its autonomous vehicle operations and become a key player in the robotaxi industry.
Moove, a company that started as a vehicle financing and ride-hailing business in Africa, has raised $250 million in a Series C round at a valuation of $2.1 billion. The funding will be used to scale its autonomous vehicle fleet management operations, a pivot that co-founder and co-CEO Ladi Delano says builds on the company's experience in managing large fleets.
Founded in 2020 in Nigeria and now headquartered in Dubai, Moove currently operates a ride-hailing fleet of 42,000 vehicles across 14 countries and employs 3,300 people globally. It also continues to provide vehicle financing to gig drivers.
The company entered the autonomous vehicle space in early 2023 after analyzing the industry's main players: AV developers, vehicle manufacturers, marketplaces, and consumers. Delano noted that none of these parties want to own the vehicles themselves. Moove saw an opportunity to apply its expertise in fleet management and financing to own, operate, and orchestrate autonomous vehicles.
Moove's first major partnership was with Waymo, making it the fleet operator for Waymo in Phoenix, Miami, and Las Vegas, with London expected in the future. While Moove does not currently own Waymo vehicles, it plans to purchase them using debt financing. No timeline has been announced for this acquisition. Moove already owns robotaxi vehicles from another AV developer, though the company declined to name it.
The new capital will also support hiring approximately 350 people. Additionally, Moove is developing automated depots called “nests” that will operate around the clock, using robotics for vehicle charging, maintenance, and servicing. About 15 depots are currently in various stages of development.
Delano stated that the company's ultimate vision is to own hundreds of thousands of robotaxis. Meanwhile, its traditional mobility business is expected to become fully profitable this year. The funding round was led by Mubadala Investment Company, with Woven Capital and Ion Pacific as co-leads. Other investors include BlackRock, Uber, Franklin Templeton, and several others.
