Moove Raises $250M Series C at $2.1B Valuation to Scale Driverless Fleets

Moove has closed a US$250 million Series C round that values the fleet operator at US$2.1 billion. Mubadala Investment Company, the Abu Dhabi sovereign investor, led the financing. Woven Capital and Ion Pacific co-led the investment, while BlueCrest Capital Management and Sona Capital joined as new backers. BlackRock, MUFG and Franklin Templeton put in again as existing investors.

The company built its business on a revenue-based financing model for human-driven ride-hailing vehicles, which it has run since 2020. That base is large: about 42,000 vehicles under management, operations in 29 cities across 13 countries, 3,300 employees and annual recurring revenue of US$420 million. The new money is aimed at a different kind of asset.

Moove is extending its capital and operations platform to fund and manage autonomous vehicle fleets. The proceeds go toward driverless operations and toward expanding the company's ownership of self-driving fleets, a shift that moves it from financing cars driven by people to holding and running vehicles that drive themselves.

Depots as the bottleneck

Alongside the software, Moove is building robotics-first depot facilities it calls Nests. These sites charge, service and maintain self-driving cars so they stay available for continuous use. Moove expects the workforce attached to its autonomous mobility business to grow from roughly 150 employees to 500 by the end of the year.

The company's argument is that deploying driverless transport at scale takes more than good vehicle software. It takes large amounts of capital committed over long periods and physical infrastructure in the right places. Moove positions its financing and operational systems as the layer that lets fleets reach that scale.

It already has a live test of the model. Moove is a third-party fleet partner for Waymo and manages active deployments for the Alphabet-owned robotaxi business in Phoenix and Miami. It plans to extend that work to London.

Ladi Delano, co-founder and co-CEO, traced the company's logic back to its first market. "We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together," he said.

We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together,

Delano said infrastructure ownership and operations will define the shift to autonomy, and that Moove now has the platform to bring autonomous mobility into everyday transportation. He pointed to long-term strategic capital and the company's anchor base in the UAE as the backing for that push.

The round is a bet that the unglamorous side of autonomy — depots, charging bays, maintenance crews, vehicle balance sheets — will concentrate in a small number of operators rather than the software firms whose names appear on the cars. Moove is spending to be one of them, starting with the cities where Waymo already runs.