Insider Brief
- Moove raised $250 million in Series C funding at a $2.1 billion valuation to expand its autonomous-vehicle fleet business, robotics-focused depots and global operations.
- Mubadala Investment Company led the round, with Woven Capital and Ion Pacific as co-leads and participation from BlueCrest Capital Management, Sona Asset Management and The Raptor Group.
- The company plans to grow its autonomous-vehicle workforce from about 150 to roughly 500 employees, while expanding fleet ownership, charging, maintenance and city-level operations through partnerships including Waymo.
Moove has raised $250 million in Series C funding to expand its autonomous-vehicle infrastructure business.
According to Moove, the funding round puts the company at a $2.1 billion valuation and was led Mubadala Investment Company, with Toyota-backed Woven Capital and Ion Pacific serving as co-leads. BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated.
The financing adds to backing from investors including BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures and the Ontario Power Generation Pension Plan.
The company develops the operating infrastructure around autonomous mobility rather than the driving technology itself. Its platform covers fleet ownership, financing, charging, maintenance, logistics and day-to-day city operations.
Moove said it will use the capital to acquire and operate autonomous fleets and expand its network of robotics-focused depots, called Nests. The facilities are designed to charge, service, maintain and coordinate driverless vehicles for continuous operation.
“Every major technology revolution becomes an infrastructure race,” said Ladi Delano, co-founder, co-CEO and advisory board chairman. “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.
The company also plans to enter additional markets and increase its autonomous-vehicle workforce from about 150 employees to roughly 500 by the end of the year. Through a partnership with Waymo, Moove operates autonomous fleets in Phoenix and Miami and plans to support future operations in London.
Ali Eid AlMheiri, executivedirector of diversified assets with UAE Investments Platform at Mubadala, said the continued backing reflects the platform’s potential to support economic diversification and strengthen the UAE’s position as a center for advanced technology.
“As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important,” AlMheiri said. “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.”
Founded in 2020, the Dubai-based company employs about 3,300 people and operates roughly 42,000 vehicles across 29 cities in 13 countries. Moove reported annual recurring revenue of $420 million and has expanded through acquisitions including Kovi in Brazil and Tokyo Taxi in Japan.
