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Moove, the mobility company founded in Lagos and now headquartered in Dubai, has raised $250 million in a Series C round at a $2.1 billion valuation.
The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. BlueCrest Capital Management, Sona Asset Management, and The Raptor Group also joined, alongside existing backers including BlackRock, MUFG, Franklin Templeton, Uber, and Left Lane.
Moove is using the funding to grow its autonomous vehicle business. This includes creating places called “Nests” where autonomous vehicles can be charged, serviced, and organised for operations.
The funding will also help launch in new global markets. By the end of the year, Moove plans to increase its workforce for autonomous vehicles from about 150 to around 500, which is a 220% growth.
Moove, co-founded by Ladi Delano and Jide Odunsi in 2020, is focused on building the core operating layer for global autonomous mobility. They provide integrated fleet management, specialised depot infrastructure, and 24/7 operations.
In partnership with Waymo, Moove is a leading third-party manager for autonomous vehicle fleets, with operations in cities like Phoenix, Miami, and London.
With five years of experience in building and managing mobility infrastructure, Moove started with 76 vehicles in Lagos and now operates around 42,000 vehicles in 29 cities across 13 countries, generating an annual recurring revenue of $420 million.
“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,” said Ladi Delano, co-founder, Co-CEO, and advisory board chairman of Moove.
The company expanded through organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.
Moove focuses on what it calls “Nests,” which are specialised depots designed for autonomous fleets. These Nests provide charging, maintenance, and management to ensure the fleets operate continuously.
The company believes that expanding autonomous mobility relies not only on vehicle technology but also on factors like fleet ownership, charging stations, maintenance, and efficient city operations.
Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala, said: “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.”
