Moove Secures $250M to Establish Itself as the Core Infrastructure of the Robotaxi Industry

Moove has evolved from a vehicle financing startup into a prominent contender in Africa’s ride-hailing and delivery services, with a burgeoning focus on the autonomous vehicle industry. Co-founder and co-CEO Ladi Delano emphasized that the company’s roots in financing and operating human-driven ride-hailing fleets have prepared them for this new venture.

The company has successfully secured $250 million at a valuation of $2.1 billion to propel its growth further.

Established in Nigeria in 2020 and currently based in Dubai, Moove announced that its recent Series C funding round was led by Mubadala Investment Company, with co-leads Woven Capital and Ion Pacific.

Moove continues to thrive in the human-driven ride-hailing market, managing a fleet of 42,000 vehicles across 14 nations. With a global workforce of 3,300, the company also provides vehicle financing to drivers in the gig economy.

The company’s foray into autonomous vehicles commenced in early 2023, as they evaluated the market and identified four key stakeholders: AV developers, vehicle manufacturers, platforms like Uber, and the end consumers. Delano noted, “None of these players want to ‘own the metal’” regarding vehicle ownership.

“In this scenario, who owns the vehicle? Who operates it? Who manages its orchestration, servicing, maintenance, lost property, and cleaning?” Delano questioned. He underscored that Moove’s vast experience in fleet management and financing is directly applicable to autonomous vehicle operations.

“Let’s develop a solution where we own, operate, and manage autonomous vehicles while pursuing collaborations — and that’s precisely the direction we are heading,” Delano elaborated. “In 2023, we initiated discussions with various AV firms, and fortunately, our inaugural partnership was with Waymo.”

Moove serves as the fleet operator for Waymo in Phoenix, Miami, Las Vegas, and possibly London in the future. While Moove currently doesn’t own the Waymo vehicles, it plans to finance their acquisition of robotaxis. Although Delano refrained from providing a timeline for this development, he mentioned that Moove already has robotaxi vehicles from another unnamed AV developer.

“Our ultimate ambition is to possess hundreds of thousands of robotaxis,” he asserted.

The recent funding will be utilized to bolster Moove’s capabilities in managing autonomous vehicle fleets, with plans to hire approximately 350 new employees. (Delano indicated that the company’s traditional mobility operations are anticipated to achieve profitability this year.) Additionally, part of the funds will be allocated to creating automated depots known as “nests.” These “nests” will operate continuously, employing robotics for vehicle charging, maintenance, and servicing.

Moove currently has around 15 depots at various stages of development. Delano could not specify when the automated, “lights-out” depots would become operational, stating that this is part of their long-term vision.

Other investors participating in this funding round include BlueCrest Capital Management, Sona Asset Management, Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.