Mobility technology firm Moove has raised US$250 million in a Series C funding round, lifting its valuation to US$2.1 billion as the company accelerates its transition towards managing autonomous vehicle fleets.
Moove, which enables ride-hailing drivers to acquire vehicles through an earnings-based repayment model rather than conventional bank financing, said the latest investment will support its expansion into self-driving mobility infrastructure.
The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth investment arm, alongside Ion Pacific.
The company also revealed that its annual recurring revenue has reached a run rate of US$420 million, driven by organic growth and strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.
“We began in Lagos with the belief that mobility demand would continue to outpace supply unless capital, technology and operations evolved together. Five years later, that vision has grown into a global platform, and we are now building the infrastructure that will power billions of autonomous journeys,” said Moove Co-Founder and Co-CEO Ladi Delano.
The fresh capital will be used to expand the company’s autonomous vehicle business through fleet ownership, construction of robotics-focused vehicle depots and entry into new markets. Moove also plans to more than triple its autonomous vehicle workforce this year, increasing headcount from about 150 to 500 employees.
The fundraising reflects a wider industry shift as companies move beyond developing autonomous driving software and focus instead on the infrastructure required to operate self-driving fleets at scale. This includes charging stations, maintenance facilities, fleet management systems and real-time operational support.
According to Ali Eid AlMheiri, Executive Director of Diversified Assets at Mubadala, Moove is developing an integrated platform that combines fleet ownership, operational expertise and technology, supporting both the growth of autonomous mobility and the UAE’s ambitions to become a global hub for advanced technologies.
Founded in 2020 in Lagos by Ladi Delano and Jide Odunsi, Moove initially focused on vehicle financing for ride-hailing drivers before expanding into fleet ownership and management. The company now operates around 42,000 vehicles across 29 cities in 13 countries and employs approximately 3,300 people worldwide.
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Moove has also emerged as one of the largest independent operators of autonomous vehicle fleets through its partnership with Waymo, with operations already running in Phoenix and Miami, while London has been announced as the next expansion market.
The Series C round also attracted new investors including BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing shareholders such as BlackRock, MUFG, Franklin Templeton, Uber and the Ontario Power Generation Pension Plan.
Part of the new funding will support the rollout of “Nests”, dedicated operational hubs where autonomous vehicles are charged, maintained, serviced and dispatched. The company believes these facilities will play a central role in improving fleet efficiency and reducing operating costs as autonomous mobility continues to expand.
