Moove Raises $250m at $2.1bn Valuation to Scale Autonomous Mobility Infrastructure
Moove said the new capital will support the expansion of its autonomous vehicle business, including autonomous fleet ownership and its robotics-first depot infrastructure, known as “Nests”. The facilities are designed to charge, service, maintain and orchestrate autonomous fleets for continuous operation.
Moove, the global mobility company building the operating layer for autonomous mobility, has raised $250 million in a Series C funding round at a $2.1 billion valuation, as the company moves to expand its autonomous vehicle infrastructure globally.
The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific. The funding round also attracted BlueCrest Capital Management, Sona Asset Management and The Raptor Group, strengthening Moove’s institutional backing as it enters its next phase of growth.
Moove said the new capital will support the expansion of its autonomous vehicle business, including autonomous fleet ownership and its robotics-first depot infrastructure, known as “Nests”. The facilities are designed to charge, service, maintain and orchestrate autonomous fleets for continuous operation.
The company will also use the funding to support new market launches globally. As part of its expansion plans, Moove expects to increase its autonomous vehicle workforce by more than 220% by the end of 2026, growing from approximately 150 employees to about 500.
Moove is positioning itself as an infrastructure provider for the emerging autonomous mobility economy, arguing that large-scale autonomous transportation requires more than vehicle technology. The company highlighted the need for fleet ownership, capital, charging infrastructure, maintenance, operational systems and round-the-clock city-level execution.
Since launching in 2020, Moove has built a platform for financing, deploying and managing human-driven ride-hailing vehicles. The company now employs 3,300 people globally and operates approximately 42,000 vehicles across 29 cities in 13 countries. It has expanded through organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan, and has reached an annual recurring revenue of $420 million.
The company is now extending this operating model into autonomous mobility. Through its partnership with Waymo, Moove is already operating as a third-party autonomous fleet operator, with operations live in Phoenix and Miami and future operations planned for London.
Moove said its autonomous strategy is built on five years of experience operating mobility infrastructure at scale, beginning with an initial deployment of 76 vehicles in Lagos. The company believes this experience will help it address the infrastructure and operational requirements associated with the expansion of autonomous vehicles.
“Every major technology revolution becomes an infrastructure race. 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. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them. 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. From our anchor in the UAE, and backed by long-term strategic capital, Moove now has the platform to help take autonomy from breakthrough technology to everyday transportation. This is not a departure from our mission, it is the fullest expression of it.”
– Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman, Moove
“As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important. 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. Since Mubadala’s initial investment three years ago, Moove has been a great partner and we are glad to continue partnering with Moove in its next phase of growth.”
– Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform, Mubadala Investment Company
“Moove has demonstrated an exceptional ability to execute across markets, building a global platform across traditional and autonomous vehicle fleets. The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it. Few companies at this stage have proven they can move with the speed and operational excellence that Moove has demonstrated across so many markets. We’re excited to be part of what they are building and help accelerate their path as they scale.”
– Betty Lee, Principal, Woven Capital (Toyota’s Growth Fund)
“We’ve partnered with the Moove team for more than five years, and their execution has consistently impressed us. As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector – one that is complex, adaptive and essential to scaling AVs. We’re excited to be part of that journey.”
– Michael Joseph, Co-CEO & Co-Founder, Ion Pacific Limited
