Moove has raised $250 million in a Series C funding round at a $2.1 billion valuation, providing new capital to expand the infrastructure supporting self-driving vehicle operations worldwide.
The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. New investors included BlueCrest Capital Management, Sona Asset Management, and The Raptor Group. Existing investors participating in the round included Uber, BlackRock, Silverbacks Holdings, and Franklin Templeton, among others.
According to the company, the funding will support autonomous fleet ownership, robotics-enabled depots known as “Nests,” charging infrastructure, maintenance operations, and new market launches. Moove also expects to expand its autonomous vehicle workforce from approximately 150 employees to about 500 by the end of the year.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove launched with 76 vehicles in Lagos. The company now operates approximately 42,000 vehicles across 29 cities in 13 countries, employs more than 3,300 people, and reports annual recurring revenue of $420 million.
The company has expanded through organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Today, Moove manages one of the world’s largest ride-hailing fleets while expanding its autonomous vehicle operations.
Commercial deployment of self-driving vehicles depends on more than the vehicles themselves. Fleet ownership, charging infrastructure, maintenance facilities, depot operations, and logistics all play a role in keeping vehicles operating safely and efficiently. Moove is investing across each of these areas as demand for autonomous transportation grows.
The company’s partnership with Waymo reflects that strategy. Moove manages autonomous vehicle fleet operations in Phoenix and Miami, with operations in London already announced. Its responsibilities include fleet operations, servicing, charging, maintenance, and depot management that support Waymo’s autonomous vehicle service.
“Every major technology revolution becomes an infrastructure race,” said Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove. “The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city, and that is what Moove is building.”
Mubadala first invested in Moove three years ago and participated in the latest financing.
“As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important,” said Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala. “Moove is building an integrated operating platform that combines fleet ownership, operational capability, and technology to support the next phase of growth in autonomous mobility.”
Woven Capital also cited Moove’s operational scale as a key factor in its investment.
The Series C financing provides additional capital as Moove expands its global operations and infrastructure supporting self-driving vehicle fleets. The company plans to use the funding to increase fleet capacity, expand depot infrastructure, enter additional markets, and continue supporting commercial autonomous vehicle deployments.
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