LAGOS, Aug 5 – Moove an African mobility fintech has raised $250 million in a Series C funding round, valuing the company at $2.1 billion, as it accelerates the expansion of its autonomous mobility business and strengthens its position in the rapidly evolving transportation sector.
The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. New investors including BlueCrest Capital Management, Sona Asset Management, and The Raptor Group also participated, joining an institutional investor base that includes BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, and the Ontario Power Generation Pension Plan.
Moove said the new capital will be used to expand its autonomous vehicle business through increased fleet ownership and the development of robotics-first depot infrastructure known as “Nests,” where autonomous vehicles are charged, maintained, serviced and coordinated for continuous operation. The funding will also support expansion into new international markets.
As part of its growth strategy, the company expects to increase its autonomous vehicle workforce by more than 220% before the end of the year, expanding from approximately 150 employees to around 500.
Founded in 2020, Moove has developed a platform that combines vehicle financing, fleet ownership and operational management for ride-hailing services. The company now operates approximately 42,000 vehicles across 29 cities in 13 countries and employs about 3,300 people globally. It has also expanded through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan, while growing annual recurring revenue to approximately $420 million.
The company is also expanding its autonomous mobility operations through its partnership with Waymo, with active autonomous fleet operations in Phoenix and Miami, and planned operations in London.
Commenting on the fundraising, Ladi Delano, Co-Founder, Co-Chief Executive Officer and Advisory Board Chairman of Moove, said the company is positioning itself to build the infrastructure underpinning the next generation of transportation.
According to Delano, “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.”
He added, “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. Today, we are focused on building the platform that will redefine mobility and enable billions of autonomous journeys worldwide.”
From Mubadala Investment Company, Ali Eid AlMheiri, Executive Director of Diversified Assets at the UAE Investments Platform, said the investment reflects the growing importance of infrastructure in enabling autonomous transportation.
He 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.”
Betty Lee, Principal at Woven Capital, said, “The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it.”
Meanwhile, Michael Joseph, Co-Chief Executive Officer and Co-Founder of Ion Pacific, noted the firm’s long-standing relationship with Moove, stating, “As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector, one that is complex, adaptive and essential to scaling autonomous vehicles.”
The latest fundraising strengthens Moove’s financial position as it expands its global operations and seeks to play a larger role in the infrastructure supporting autonomous transportation. The investment also highlights growing investor confidence in mobility platforms that combine technology with large-scale fleet ownership and operational capabilities.
