Mobility Startup Moove Raises US$250mn in Series C Round

Mobility startup, Moove, has raised US$250 million in a Series C funding round that values the company at US$2.1 billion, as it shifts more of its business toward managing fleets for autonomous vehicles.

• The startup helps ride-hailing drivers get vehicles by paying for them gradually through the money they earn from driving, instead of taking a traditional bank loan. 
• The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota's growth fund, and Ion Pacific. 
• Moove said it has reached an annual recurring revenue run rate of US$420 million, aided by organic expansion and acquisitions including Brazil-based Kovi and Tokyo Taxi in Japan.

“We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform. Today, we are focused on building the platform that will redefine mobility and enable billions of autonomous journeys worldwide,” said Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove.

The funding will finance the expansion of Moove's autonomous vehicle operations, including ownership of self-driving fleets, construction of robotics-focused vehicle depots, and entry into additional markets. The company also plans to increase its autonomous vehicle workforce this year, growing from about 150 employees to roughly 500.

The fundraising reveals a broader shift in the autonomous driving industry, where attention is turning from developing self-driving software to building the capital-intensive infrastructure required to keep autonomous fleets operating. Beyond the vehicles themselves, commercial deployment depends on charging facilities, maintenance operations, fleet management systems, and continuous monitoring.

“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. This is particularly important for the UAE. Mubadala is investing in enabling infrastructure and scalable platforms like Moove that support economic diversification and strengthen the UAE’s role as a hub for advanced technologies,” said Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala. 

Founded in 2020 in Lagos by Ladi Delano and Jide Odunsi, Moove initially built its business by financing vehicles for ride-hailing drivers before expanding into fleet ownership and operations. The company now manages approximately 42,000 vehicles across 29 cities in 13 countries and employs about 3,300 people globally.

The company has also become one of the largest third-party operators of autonomous vehicle fleets through its partnership with Waymo. Those operations are active in Phoenix and Miami in the US, with London announced as the next market.