Moove Reaches $2.1bn Valuation After Mubadala-Led Series C
UAE mobility company Moove was valued at $2.1bn after a $250m Series C round led by Mubadala, Woven Capital and Ion Pacific to fund new markets, hiring and autonomous fleet infrastructure.
Moove will use a $250 million Series C round led by Abu Dhabi's Mubadala Investment Company to expand autonomous fleet operations, launch in new markets and more than triple its workforce after the UAE mobility company was valued at $2.1 billion.
The round was co-led by Woven Capital, the growth fund of Japan's Toyota, and Ion Pacific, Mubadala and Moove said in a joint statement on Wednesday.
BlueCrest Capital Management and Sona Capital also joined the funding, alongside existing investors including BlackRock, MUFG, Franklin Templeton, Uber Technologies, Left Lane, Square Associates, The Latest Ventures and the Ontario Power Generation Pension Plan.
Moove has now raised about $694 million across 17 funding rounds, according to industry tracker Crunchbase.
The new capital is aimed partly at Moove's autonomous vehicle unit, which includes fleet ownership and a robotics-first depot infrastructure called Nests.
The depots are designed to charge, service and maintain vehicles, putting Moove in the operating layer behind autonomous mobility rather than only in vehicle financing.
"As autonomy scales, infrastructure ownership and operations will define the category leaders," said Ladi Delano, Moove's co-founder and co-chief executive.
"From our anchor in the UAE, and backed by long-term strategic capital, Moove now has the platform to help take autonomy from breakthrough technology to every day transportation."
Moove was formed in Nigeria in 2019 and partnered with Uber Technologies the following year to provide potential and existing Uber drivers in sub-Saharan Africa with long-term access to vehicles.
It entered Europe in 2022 with a 100 per cent EV rent-to-buy model in London.
The company says it is Uber's biggest global fleet partner and one of its top third-party operators of autonomous vehicle fleets through its partnership with Waymo.
Its acquisitions include Kovi in Brazil and Tokyo Taxi in Japan.
Mubadala executive Ali Al Mehairi said autonomous mobility needs stronger infrastructure as it moves from innovation to scaled deployment.
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 said.
The fundraising also feeds into the UAE's advanced mobility agenda.
Abu Dhabi and Dubai already have self-driving vehicles on their roads, and Moove's next step is to turn the new capital into market launches, depot capacity and a larger operating workforce.
