Moove raises $250M to power robotaxi infrastructure
▼ Summary
– Moove raised $250 million in a Series C round at a $2.1 billion valuation, led by Mubadala Investment Company, to scale its autonomous vehicle fleet business.
– The company, founded in Nigeria in 2020, operates a 42,000-vehicle human-driven ride-hailing fleet across 14 countries and provides financing to gig drivers.
– Moove expanded into autonomous vehicles in 2023, becoming the fleet operator for Waymo in Phoenix, Miami, Las Vegas, and future London, and plans to purchase robotaxis using debt financing.
– The funding will support scaling the autonomous vehicle business, hiring about 350 people, and developing automated depots called “Nests” for vehicle charging and maintenance.
– Moove already owns robotaxis from another undisclosed AV developer, aiming to eventually own hundreds of thousands of autonomous vehicles.
Moove has come a long way from its origins as a vehicle financing platform for African gig drivers. Today, the company is charting a new course in the autonomous vehicle space, and its latest funding round reflects that ambition.
The company has secured $250 million in Series C funding at a $2.1 billion valuation to accelerate its robotaxi fleet management operations. Mubadala Investment Company led the round, with Woven Capital and Ion Pacific serving as co-leads.
Founded in Nigeria in 2020 and now headquartered in Dubai, Moove continues to run its traditional ride-hailing business. The company manages a fleet of 42,000 vehicles across 14 countries and employs 3,300 people globally. It still provides financing options for gig drivers.
The pivot toward autonomous vehicles began in early 2023. Co-founder and co-CEO Ladi Delano said the company evaluated the AV ecosystem and identified four key players: AV developers, vehicle manufacturers, marketplaces like Uber, and consumers. None of these parties want to “own the metal,” Delano told TechCrunch.
That observation sparked a critical question for Moove. Who handles vehicle ownership, operations, maintenance, cleaning, and lost property in an autonomous world? Delano realized his company’s experience managing large human-driven fleets and providing financing could translate directly to AV operations.
“We set out to create a product where we own, operate, and orchestrate autonomous vehicles, and find partners to do it with,” Delano said. “In 2023, we started talking to every AV company you could imagine, and we managed to partner with Waymo first.”
Moove currently serves as the fleet operator for Waymo in Phoenix, Miami, and Las Vegas, with London on the horizon. The company does not yet own the Waymo vehicles, but that will change. Moove plans to use debt financing to purchase robotaxis, though Delano did not provide a timeline for when those acquisitions will begin. He did confirm that Moove already owns robotaxi vehicles from another AV developer, though he declined to name the company.
“Our ultimate vision is to own hundreds of thousands of vehicles,” Delano said, referring specifically to robotaxis.
The fresh capital will support scaling the autonomous vehicle fleet management business, including hiring roughly 350 new employees. Delano noted that the traditional mobility segment is on track to achieve full profitability this year. Part of the funding will also go toward developing automated depots called “Nests,” which will use robotics to handle vehicle charging, maintenance, and servicing around the clock.
Moove currently has about 15 depots in various stages of development. Delano declined to specify when these automated facilities will become operational, describing them as a future product.
Additional investors in this round include BlueCrest Capital Management, Sona Asset Management, The 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.
(Source: TechCrunch)
