It has grown through a mix of organic expansion and strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan, and now generates $420 million in ARR. It has also expanded into Europe, the Middle East, India, and the United States.

Moove Expands Its Global Footprint

The company, now headquartered in Dubai, does more than vehicle financing. It manages fleets for autonomous vehicle companies, including Waymo, positioning itself at the intersection of fintech, mobility, and AI. In 2023, Moove raised $76 million, making it Nigeria’s most-funded startup that year despite a broader funding slowdown. In March 2024, Uber led a $100 million Series B that valued Moove at $750 million. It was also Uber’s first direct investment in Africa.

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By mid-2025, Moove was raising another $300 million in a round sources said could push its valuation above $1 billion. At the time, annualized revenue had grown from about $50 million in 2024 to nearly $400 million. 

The jump was driven by the acquisition of Brazilian fleet operator Kovi and Moove’s entry into autonomous vehicles through a partnership with Waymo, Alphabet’s self-driving unit. That momentum has now culminated in a $250 million Series C, valuing Moove at $2.1 billion and cementing its unicorn status.

What the Investors are Saying

The latest funding, which confirms Moove’s long-anticipated unicorn status, reflects investor confidence that the future of transport will be increasingly autonomous and data-driven. “Moove has demonstrated an exceptional ability to execute across markets, building a global platform across traditional and autonomous vehicle fleets,” Betty Lee, Principal at Woven Capital (Toyota’s Growth Fund), 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. Few companies at this stage have proven they can move with the speed and operational excellence that Moove has demonstrated across so many markets. We’re excited to be part of what they are building and help accelerate their path as they scale.”

Mubadala Investment Company led the round, with Woven Capital, Toyota’s Growth Fund, and Ion Pacific co-leading. BlueCrest Capital Management, Sona Asset Management, and The Raptor Group also joined. They add to an investor base that already includes BlackRock, MUFG, Franklin Templeton, Uber, and others, strengthening support for Moove’s next stage.

Funding to Accelerate Autonomous Vehicle Expansion

The funding will scale Moove’s AV business, including fleet ownership and “Nests” — depots where vehicles are charged, serviced, and run around the clock. It will also support launches in new markets globally. Moove expects to grow its autonomous vehicle team from 150 to 500 employees by the end of the year, a 220% increase.

“Mubadala is investing in enabling infrastructure and scalable platforms like Moove that support economic diversification and strengthen the UAE’s role as a hub for advanced technologies,” Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala, said. “Since Mubadala’s initial investment three years ago, Moove has been a great partner, and we are glad to continue partnering with Moove in its next phase of growth.” 

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Moove’s New Direction

Scaling autonomous mobility takes more than just vehicle technology. It also requires capital, fleet ownership, charging, maintenance, operations software, and round-the-clock execution in each city. Moove is building that infrastructure layer to help autonomous mobility move from a breakthrough technology to large-scale transport networks.

“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. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them,” Delano said.

Through its AV business, Moove is taking the operating model it built for human-driven fleets over the last five years and applying it to autonomous vehicles. AVs need even more reliable infrastructure and tighter operations. 

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Moove is using its experience in fleet management, servicing, charging, and logistics to meet that need. Through its partnership with Waymo, Moove is already a leading third-party AV fleet operator, with live operations in Phoenix and Miami, and planned operations in London.

Autonomous mobility is expected to become a core part of future cities, impacting logistics, public transport, commerce, and infrastructure. Companies that can run this infrastructure at scale will be key to making next-generation mobility networks work.

The Series C marks a big step forward in Moove’s push to build the infrastructure behind autonomous mobility worldwide. With this deal, the company’s post-money valuation makes it Africa’s tenth unicorn. It joins MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, Moniepoint, TymeBank, and Andela.

Main Image: Moove Founders Jide Odunsi and Ladi Delano. Image Credit: Moove