Moove Raises $250 Million Series C Led by Mubadala to Expand Autonomous Mobility Infrastructure
Moove has announced the successful close of a $250 million Series C funding round, reaching a $2.1 billion valuation. The round was led by Mubadala Investment Company, with Woven Capital, Toyota's growth fund, and Ion Pacific serving as co-leads. Additional participation came from BlueCrest Capital Management, Sona Asset Management, and The Raptor Group.
The company is focused on building the operating layer for autonomous mobility by owning and operating self-driving vehicle fleets while developing robotics-focused infrastructure known as "Nests"—specialized facilities where autonomous vehicles are charged, maintained, and dispatched around the clock. According to Moove, the future of autonomous mobility is fundamentally an infrastructure race, rather than a technology race alone.
Founded in Lagos in 2020, Moove has expanded from 76 vehicles to approximately 42,000 vehicles across 29 cities in 13 countries, driven by both organic growth and the acquisitions of Brazil's Kovi and Japan's Tokyo Taxi. The company now employs 3,300 people and reports $420 million in annual recurring revenue.
The funding follows the company's continued expansion in autonomous mobility through its partnership with Waymo, making Moove one of the leading third-party autonomous fleet operators. Its autonomous services are currently live in Phoenix and Miami, while London has been confirmed as the company's first international expansion city for autonomous operations.
The newly raised capital will support the expansion of Moove's autonomous vehicle business, strengthen its "Nests" infrastructure, and increase the autonomous mobility workforce by more than 220% by year-end—from approximately 150 employees to around 500. The company is also Uber's largest global fleet partner.
Commenting on the company's long-term vision, Ladi Delano, Co-Founder and Co-Chief Executive Officer, said: "Every major technology revolution eventually becomes an infrastructure race. The internet needed data centres, AI needs compute, and autonomy needs fleets, charging, maintenance, data systems." He added that whoever owns and operates this infrastructure layer will ultimately define the autonomous mobility sector as it continues to scale.
