Moove Raises $250 Million to Scale Autonomous Vehicle Infrastructure

Dubai-based mobility company Moove raised $250 million in a Series C funding round, valuing the company at $2.1 billion. The investment was led by Mubadala Investment Company and co-led by Woven Capital, Toyota's growth fund, and Ion Pacific Limited. Other participants included BlueCrest Capital Management, Sona Asset Management, and the Raptor Group.

Moove plans to use the capital to scale its autonomous mobility infrastructure, specifically focusing on fleet ownership and the development of Nests. These robotics-first depot facilities are designed for charging, cleaning, and maintaining autonomous vehicle fleets. To support this expansion in the US, Europe, and Asia, the company intends to increase its autonomous vehicle workforce from 150 to approximately 500 employees by the end of the year.

Founded in Lagos in 2020, the company currently manages approximately 42,000 vehicles across 29 cities in 13 countries and reports annual recurring revenue of $420 million. Moove serves as a primary global fleet partner for Uber and operates self-driving fleets through a partnership with Waymo in Phoenix and Miami, with plans to expand operations into London.