Dubai-headquartered mobility startup Moove has raised $250 million in a Series C round at a $2.1 billion valuation, as it expands its infrastructure for autonomous vehicle fleets.
Mubadala Investment Company led the round alongside Woven Capital, Toyota’s growth fund, and Ion Pacific. BlueCrest Capital Management and Sona Capital also participated, joining existing backers including BlackRock, Uber and Franklin Templeton.
The funding will support new autonomous vehicle markets and the development of additional “Nests”, Moove’s operational hubs for charging, servicing, maintaining and managing autonomous fleets. The company plans to increase its autonomous mobility workforce from around 150 employees to 500 by the end of the year.
Founded in Nigeria in 2020, Moove now operates from the UAE and provides fleet ownership, management, charging, maintenance, logistics and day-to-day operational systems for mobility fleets. According to the announcement, it manages approximately 42,000 vehicles across 29 cities in 13 countries, employs more than 3,300 people and generates $420 million in annual recurring revenue.
Moove also operates autonomous vehicle fleets through its partnership with Waymo in Phoenix and Miami, with London planned as a future market. Co-founder and co-CEO Ladi Delano said the expansion of autonomous mobility will require infrastructure covering fleets, charging, maintenance and continuous operations.
Source: EntArabi
