Moove raises $250 million to develop robotaxi industry infrastructure

Moove, which started in vehicle financing and later expanded into passenger transportation services in Africa and other regions, has raised $250 million in its latest investment round. According to TechCrunch, the funding values the company at $2.1 billion and will help strengthen its position in the autonomous vehicle market. Techcrunch.com reports .

Founded in Nigeria in 2020 and now headquartered in Dubai, the company secured its latest Series C funding round under the leadership of Mubadala Investment Company. Woven Capital and Ion Pacific also participated as co-leads. Moove currently owns and operates a fleet of 42,000 vehicles across 14 countries and continues to provide financial support to gig-economy drivers purchasing vehicles.

A new step in the autonomous vehicle market

According to co-founder and CEO Ladi Delano, the move into autonomous vehicles began in early 2023. At that time, the four main groups in the ecosystem were analyzed: software developers, automakers, online marketplaces such as Uber, and consumers. It became clear that none of them wanted to own the vehicles directly.

“In such a world, who owns the car? Who operates it? Who handles servicing, inspections, cleaning, and lost property?” Delano asks. In seeking answers to these questions, Moove realized it could transfer its extensive experience in managing and financing large fleets to the world of autonomous vehicles.

Strategic partnership with Waymo

Company representatives say they have held talks with all leading autonomous vehicle developers since 2023, ultimately reaching their first partnership with Waymo. Today, Moove serves as Waymo’s fleet operator in Phoenix, Miami, Las Vegas, and, in the future, London.

Although it does not currently own these vehicles directly, Moove plans to purchase robotaxis in the future using debt financing. The company also reportedly already owns robotaxis from another autonomous vehicle manufacturer, but the partner’s name has not been disclosed.

Future plans and new jobs

The newly raised $250 million will be used primarily to expand the autonomous vehicle fleet management business. The company plans to hire approximately 350 new specialists as part of this effort. Its traditional mobility business is also expected to reach full profitability this year.

Part of the funding will go toward building automated depots known as “Nests.” Operating around the clock, these centers will enable vehicle charging, maintenance, and cleaning to be fully automated with robotics. The company’s ultimate vision is to own and operate hundreds of thousands of robotaxis.