Moove, the mobility infrastructure startup, has raised $250 million in a Series C funding round, valuing the company at $2.1 billion, as it doubles down on building the infrastructure needed to power autonomous vehicle fleets around the world.
The round was led by Mubadala Investment Company and co-led by Woven Capital and Ion Pacific, with participation from BlueCrest Capital Management and Sona Capital. Existing backers include BlackRock, MUFG, Franklin Templeton, Uber, Left Lane Capital, and others.
The fresh capital will fund the expansion of Moove’s autonomous vehicle business, including ownership of autonomous fleets and the rollout of robotics-powered depots known as “Nests,” where self-driving vehicles are charged, serviced, maintained and dispatched around the clock. The company also plans to launch in new markets globally and increase its autonomous vehicle workforce from about 150 employees to roughly 500 by the end of 2026.
Founded in 2020, Moove initially built its business by financing and managing vehicles for ride-hailing drivers. In just five years, it has expanded from 76 vehicles in Lagos to operating approximately 42,000 vehicles across 29 cities in 13 countries, making it one of the world’s largest ride-hailing fleet operators. The company says it has also reached $420 million in annual recurring revenue (ARR).
Moove has accelerated its expansion through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.
The company’s next growth phase centers on autonomous mobility through its partnership with Waymo, under which it manages autonomous vehicle fleets in Phoenix and Miami, with operations also planned for London. Rather than developing autonomous driving software itself, Moove is positioning itself as the operating infrastructure provider responsible for fleet financing, charging, maintenance, servicing, logistics and 24/7 operational management.
“Every major technology revolution becomes an infrastructure race,” said Moove Co-Founder and Co-CEO Ladi Delano. “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.”
For lead investor Mubadala, the investment aligns with the UAE’s ambition to become a global hub for advanced technologies and next-generation transport infrastructure. The sovereign investor said autonomous mobility will require scalable operational platforms capable of managing fleets, infrastructure and technology at city scale.
As autonomous vehicles move closer to mainstream deployment, Moove is betting that the winners in the sector will not only be companies building self-driving technology but also those providing the physical and operational infrastructure required to keep those vehicles running continuously. With fresh funding and a growing partnership with Waymo, the company is positioning itself as a key infrastructure provider for the emerging autonomous mobility economy.