Moove Secures Major Series C Funding
Moove, a pioneering mobility fintech company that offers revenue-based vehicle financing and financial services to mobility entrepreneurs worldwide, has announced the successful closure of a $250 million Series C funding round. The round was led by Mubadala Investment Company, with participation from notable investors including Woven Capital, Toyota's growth fund, Ion Pacific, BlueCrest Capital Management, Sona Asset Management, and The Raptor Group.
Strategic Expansion Plans
The fresh capital will be strategically utilized to enhance Moove's autonomous vehicle fleet and infrastructure. This includes expanding their platform to support autonomous mobility, acquiring new autonomous vehicle fleets, and constructing robotics-focused depot infrastructure. These facilities, known as "Nests," are designed to ensure the seamless operation of autonomous fleets by providing charging, servicing, maintenance, and coordination.
Increasing Workforce and Global Reach
Moove plans to significantly increase its workforce within the autonomous vehicle sector. By the end of 2026, the company expects to grow its employee base from approximately 150 to around 500 in this division alone. This expansion supports their vision of creating an integrated infrastructure layer that combines fleet ownership, financing, charging, maintenance, logistics, software, and continuous local operations.
Currently, Moove operates approximately 42,000 vehicles across 29 cities in 13 countries, employing around 3,300 people. The company has also achieved an annual recurring revenue of about $420 million, bolstered by strategic acquisitions such as Kovi in Brazil and Tokyo Taxi in Japan.
Leadership Insights
Co-Founder and CEO Ladi Delano emphasized the importance of infrastructure in technology revolutions, stating: "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."
Moove's operational model, initially developed for human-driven ride-hailing vehicles, is now being adeptly applied to autonomous systems. Through a partnership with Waymo, Moove is already operating autonomous fleets in Phoenix and Miami, with London marked as the first international market for their autonomous operations.
Future Prospects
As Uber’s largest global fleet partner, Moove continues to provide vehicle financing, ownership, and operating infrastructure across both conventional and autonomous mobility markets. With this latest funding round, Moove is well-positioned to further scale its operations and solidify its role as a key player in the autonomous mobility sector.