Moove has secured $250 million in Series C funding, pushing its valuation to $2.1 billion and officially confirming its status as a unicorn. The investment marks a major milestone for the Lagos-founded mobility company and will support the expansion of its autonomous vehicle infrastructure, creating new jobs, strengthening transport systems and helping accelerate the global rollout of self-driving mobility services.
The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund and Ion Pacific. New investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group also joined the round, alongside existing backers including BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst and the Ontario Power Generation Pension Plan.
The new capital will be used to expand Moove’s autonomous vehicle business through fleet ownership, robotics-first depot infrastructure known as “Nests,” and new international market launches. These facilities will charge, service and maintain autonomous vehicles, enabling continuous operations. As part of the expansion, Moove plans to increase its autonomous vehicle workforce by more than 220% before the end of the year, growing from about 150 employees to around 500.
Building the Infrastructure Behind Autonomous Mobility
While much attention has focused on the technology behind self-driving vehicles, Moove is positioning itself as the company building the infrastructure needed to support them at scale. The company believes autonomous mobility requires much more than advanced software. It also depends on fleet ownership, charging networks, maintenance facilities and around-the-clock operational management.
Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove, said this is where the company sees its long-term opportunity.
“Every major technology revolution becomes an infrastructure race. 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.”
He added that the company’s journey began with a simple goal of improving access to mobility in Lagos but has now evolved into building infrastructure that can support autonomous transportation around the world.
“We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform.”
Moove is already applying this model through its partnership with Waymo, where it manages autonomous vehicle fleets with operations live in Phoenix and Miami, while future operations have been announced for London.
Ali Eid AlMheiri, Executive Director of Diversified Assets at Mubadala’s UAE Investments Platform, said the investment reflects the growing importance of infrastructure in the future of autonomous transport.
“As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important. 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.”
He added that the investment also supports the UAE’s strategy of strengthening its position as a global hub for advanced technologies while diversifying its economy.
From Lagos Startup to Global Mobility Leader
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove initially focused on providing vehicle financing to ride-hailing drivers who struggled to access traditional credit. Drivers were able to acquire vehicles and repay the cost through their daily earnings.
The business has since expanded far beyond its original model. Today, Moove operates approximately 42,000 vehicles across 29 cities in 13 countries, employs around 3,300 people globally and has achieved annualised recurring revenue of $420 million. Strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan, have helped strengthen its global footprint.
The company’s latest valuation represents remarkable growth over the past two years. In 2023, Moove raised $76 million, making it Nigeria’s most funded startup that year despite a difficult funding environment. In March 2024, Uber led a $100 million Series B round that valued the company at $750 million, marking Uber’s first direct investment in Africa. Less than a year later, Moove’s valuation has nearly tripled to $2.1 billion.
Betty Lee, Principal at Woven Capital, said the company’s ability to execute across different markets has made it stand out. “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.”
Michael Joseph, Co-CEO and Co-Founder of Ion Pacific Limited, also highlighted the company’s execution over the years. “As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector, one that is complex, adaptive and essential to scaling AVs.”
Although Moove has previously faced criticism over aspects of its ride-hailing vehicle financing business in Nigeria, the company’s latest funding reflects growing investor confidence in its autonomous mobility strategy. With significant institutional backing and expanding global operations, Moove is shifting from its origins as a vehicle financing startup to becoming a global infrastructure platform that could help shape the future of urban transportation.
