Moove has raised $250 million in Series C funding at a $2.1 billion valuation to expand its autonomous vehicle fleet and infrastructure platform. The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated.
Moove’s existing backers include BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures and the Ontario Power Generation Pension Plan.
Moove plans to use the financing to acquire autonomous vehicle fleets, build robotics-focused depot infrastructure and launch operations in additional markets.
The company calls its autonomous vehicle depots “Nests.” These facilities are designed to charge, service, maintain and coordinate autonomous fleets for continuous operation.
Moove expects to increase the number of employees working in its autonomous vehicle business by more than 220% by the end of 2026, growing from approximately 150 people to around 500.
The company believes large-scale autonomous mobility will require an integrated infrastructure layer combining fleet ownership, financing, charging, maintenance, logistics, software and around-the-clock local operations.
Moove currently employs approximately 3,300 people and operates around 42,000 vehicles across 29 cities in 13 countries.
The company has reached approximately $420 million in annual recurring revenue and expanded through acquisitions including Kovi in Brazil and Tokyo Taxi in Japan.
Moove initially built its platform around human-driven ride-hailing vehicles and is now applying the same fleet financing and operational model to autonomous systems.
Through its partnership with Waymo, Moove operates autonomous fleets in Phoenix and Miami. London has been selected as the first international market for the partnership’s autonomous operations.
Moove is Uber’s largest global fleet partner and provides vehicle financing, ownership and operating infrastructure across both conventional and autonomous mobility markets.
KEY QUOTES:
“Every major technology revolution becomes an infrastructure race. The internet required data centers. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city, and that is what Moove is building.”
Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove
“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.”
Ali Eid AlMheiri, Executive Director of Diversified Assets at Mubadala
“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.”
Betty Lee, Principal at Woven Capital
