Moove raises $250M to become the backbone of the robotaxi industry
Image: Primary Moove announced it raised $250 million in a Series C funding round at a $2.1 billion valuation to scale its autonomous vehicle fleet management business. The company said Mubadala Investment Company led the round with Woven Capital and Ion Pacific as co-leads.
Founded in 2020 in Nigeria and now headquartered in Dubai, Moove owns and operates a 42,000-vehicle ride-hailing fleet across 14 countries and employs 3,300 people globally. The company expanded into autonomous vehicles in early 2023 and serves as the fleet operator for Waymo in Phoenix, Miami, Las Vegas, and eventually London.
Co-founder and co-CEO Ladi Delano said Moove plans to use debt financing to purchase robotaxis and aims to own hundreds of thousands of vehicles. The funding will be used to hire about 350 people and develop automated depots called "nests" for charging, maintenance, and servicing. Delano said the traditional mobility business is set to achieve full profitability this year.
Other investors in the round include BlueCrest Capital Management, Sona Asset Management, Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.
Sources
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