Moove raises $250M Series C at $2.1B to build self-driving fleet infrastructure

Moove, a global mobility company, has raised $250 million in a Series C round at a $2.1 billion valuation. Mubadala Investment Company led, with Toyota's growth fund Woven Capital and Ion Pacific as co-leads. BlueCrest Capital Management, Sona Asset Management, and The Raptor Group also joined.

Moove is building the operating layer for autonomous mobility — owning and running self-driving fleets, plus robotics-focused depot infrastructure called "Nests" where vehicles charge, maintain, and dispatch around the clock. The company frames the challenge as an infrastructure race, not just a technology one.

Founded in 2020 in Lagos, Moove has scaled from 76 cars to roughly 42,000 across 29 cities in 13 countries, growing through organic expansion and acquisitions of Brazil's Kovi and Japan's Tokyo Taxi. It now employs 3,300 people and reports $420 million in annual recurring revenue. The round ranks around the 97th percentile among comparable Series C rounds over the trailing 48 months.

Through a partnership with Waymo, Moove has become a leading third-party autonomous fleet operator, live in Phoenix and Miami with London confirmed as its first international expansion city. The new capital funds this autonomous push and entry into new markets.

Beyond fleet ownership and Nests, Moove plans to grow its autonomous vehicle business headcount by more than 220% by year-end, from about 150 to roughly 500. It is also Uber's largest global fleet partner.

"Every major technology revolution eventually becomes an infrastructure race," said co-founder and co-chief executive officer Ladi Delano. "The internet needed data centres, AI needs compute, and autonomy needs fleets, charging, maintenance, data systems." Whoever owns and operates that layer, he argues, will define the category as autonomous mobility scales.