Mobility infrastructure company Moove has raised $250 million in a Series C funding round, achieving a valuation of $2.1 billion as it accelerates the next phase of its autonomous mobility ambitions.
The funding round was led by Mubadala and co-led by Woven by Toyota and Ion Pacific. The fresh capital will be used to expand Moove’s autonomous vehicle operations into new markets across the globe.
According to the company, the new funding will accelerate the growth of its autonomous vehicle business, including autonomous fleet ownership and the development of its robotics-first depot infrastructure known as “Nests.”
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These facilities are designed to charge, service, maintain, and coordinate autonomous fleets for continuous operations. The investment will also support new international market launches.
Speaking on the funding round, Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove, said,
“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.”
Moove described the latest investment as the beginning of a new chapter in its mission to build the infrastructure powering the future of global autonomous mobility.
The funding marks another major milestone for the company, which has grown significantly since launching in Lagos with 76 vehicles in 2020. Today, Moove operates approximately 42,000 vehicles across 29 cities worldwide and employs about 3,300 people globally.
The company said that while autonomous driving technology continues to advance rapidly, building safe and reliable transportation networks at scale requires far more than self-driving software.
It involves developing the supporting infrastructure, including vehicle fleets, charging systems, maintenance facilities, purpose-built depots, and around-the-clock fleet operations. Moove said it is focused on building that infrastructure.
Through its partnership with Waymo, Moove has become one of the leading third-party autonomous fleet operators, with live operations in Phoenix and Miami, while future deployments are planned for London.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove launched operations in Lagos, Nigeria, before expanding globally. Unlike traditional auto lenders that rely on credit history, Moove uses a revenue-based financing model. It analyzes a driver’s earnings from ride-hailing or delivery platforms to determine eligibility for vehicle financing.
This enables drivers with little or no formal credit history to acquire vehicles and repay loans through a percentage of their weekly earnings.
Since its founding, the company has built the capital, fleet and operations platform required to deploy and manage productive human-driven ride-hail mobility assets at scale.
The company finances and owns mobility assets across global markets, powering the world’s leading platforms to scale efficiently and reliably.
Today, it employs 3,300 people globally and operates approximately 42,000 vehicles across 29 cities in 13 countries, making it one of the largest ride-hailing fleets in the world.
Notably, Moove has expanded through a combination of organic growth and strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan, and has grown to $420 million ARR.
Through its autonomous mobility business, the company is extending the operating model it has built over the past five years for human-driven mobility into next-generation AV systems.
From its roots in Lagos, Moove has evolved from a vehicle financing startup into a global mobility infrastructure company, helping shape the future of both human-driven and autonomous transportation.