Moove Raises $250 Million to Expand Robotaxi Fleet Operations

Mobility startup Moove has raised $250 million in a Series C funding round at a $2.1 billion valuation as it accelerates its transformation from a vehicle financing company into a global operator of autonomous vehicle fleets.

The funding round was led by Mubadala Investment Company, with Woven Capital and Ion Pacific serving as co-lead investors. Founded in Nigeria in 2020 and now headquartered in Dubai, Moove said the new capital will primarily support the expansion of its robotaxi business and related infrastructure.

Co-founder and co-Chief Executive Officer Ladi Delano said the company’s experience financing vehicles and managing large ride-hailing fleets provided the foundation for moving into autonomous mobility, where operating and maintaining vehicles is becoming a key opportunity.

Building the infrastructure behind robotaxis

Moove currently owns and operates a fleet of about 42,000 ride-hailing vehicles across 14 countries while continuing to provide vehicle financing for gig economy drivers. The company employs approximately 3,300 people worldwide.

Its move into autonomous vehicles began in early 2023 after evaluating opportunities across the emerging robotaxi ecosystem. Delano said many autonomous driving companies, vehicle manufacturers and ride-hailing marketplaces are focused on software and services rather than owning and operating the physical vehicles.

Moove believes its expertise in fleet financing, maintenance, servicing, cleaning and daily operations positions it to fill that gap by becoming the operational backbone for autonomous mobility providers.

Growing partnership with Waymo

The company is currently the fleet operations partner for Waymo in Phoenix, Miami and Las Vegas, with London expected to join that list in the future. While Moove does not yet own Waymo’s robotaxis, Delano said the company plans to finance future purchases using debt facilities as it expands its autonomous fleet.

He also revealed that Moove already owns robotaxis supplied by another autonomous vehicle developer, although he declined to identify the company.

Looking ahead, Delano said Moove ultimately aims to own and operate hundreds of thousands of autonomous vehicles as robotaxi adoption expands globally.

Investment supports future expansion.

The new funding will be used to scale Moove’s autonomous vehicle operations, including hiring around 350 additional employees and expanding its depot network. The company is also developing automated service hubs, known internally as “nests,” which are designed to use robotics to perform charging, maintenance and servicing around the clock with minimal human intervention.

Moove currently has about 15 depots in various stages of development, although Delano did not provide a timeline for when the fully automated facilities would begin operating.

The funding round also attracted participation from several existing and new investors, including BlueCrest Capital Management, Sona Asset Management, Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavour Catalyst and the Ontario Power Generation Pension Plan.