Moove Raises $250M, Hits $2.1B Valuation for AV Infrastructure

Moove, a global player in mobility infrastructure, has successfully closed a Series C funding round, securing $250 million and achieving a significant valuation of $2.1 billion. This substantial capital injection was spearheaded by Mubadala Investment Company, with crucial co-leadership from Woven Capital, the growth investment arm of Toyota, and Ion Pacific. The round also saw robust participation from notable investors including BlueCrest Capital Management and Sona Capital, underscoring strong institutional confidence in Moove's strategic direction.

The company, founded in Nigeria in 2020, is strategically building the foundational operating layer for autonomous mobility. This involves developing and managing essential infrastructure such as fleet ownership, comprehensive management services, charging solutions, maintenance hubs, and robotics-focused depot facilities designed for autonomous vehicle fleets. This focus on the operational backbone is critical as the autonomous vehicle sector transitions from experimental stages to widespread deployment.

This latest funding will be instrumental in accelerating Moove's expansion within the autonomous vehicle segment. Key initiatives include the development of additional robotics-first 'Nests' – specialized infrastructure for charging, servicing, and orchestrating autonomous fleets – and entry into new international markets. Furthermore, the company plans a significant scaling of its autonomous mobility workforce, aiming to more than triple its current size from approximately 150 to 500 employees by year-end, a testament to the growing operational demands of AV deployment.

Moove's current operational footprint is extensive, managing a fleet of approximately 42,000 vehicles across 29 cities in 13 countries. The company reports an impressive $420 million in annual recurring revenue (ARR), demonstrating its established success in fleet operations. Its foray into autonomous mobility is already active through a partnership with Waymo, with operations live in Phoenix and Miami, and London slated for future integration. This dual focus on human-driven and autonomous fleets leverages Moove's proven operational expertise.

The broader market for mobility infrastructure is undergoing a profound transformation. As autonomous technology matures, the demand for reliable, scalable operational support systems intensifies. Industry analysts project significant growth in the autonomous vehicle market, with infrastructure and operational services becoming key differentiators. Moove's strategy directly addresses this need, positioning itself as a critical enabler for the widespread adoption of autonomous transportation networks, which are expected to reshape urban logistics, public transit, and commerce.

The company's growth trajectory has been marked by strategic expansion, including acquisitions like Kovi in Brazil and Tokyo Taxi in Japan, solidifying its position as a major fleet operator globally. The backing from a diverse group of institutional investors, including previous supporters like BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Square Associates, The Latest Ventures, and the Ontario Power Generation Pension Plan, highlights a comprehensive ecosystem of support for Moove's ambitious vision.