DUBAI (XOL Africa) — Moove, the mobility technology company founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, has raised $250 million in a Series C funding round, valuing the company at $2.1 billion as it accelerates its ambition to become the global infrastructure platform powering autonomous mobility.
The investment round was led by Mubadala Investment Company, with participation from Woven Capital, Toyota’s growth fund, and Ion Pacific. New investors including BlueCrest Capital Management, Sona Asset Management and The Raptor Group also joined the round, alongside existing backers such as BlackRock, Uber, MUFG and Franklin Templeton.
The fresh capital will finance the expansion of Moove’s autonomous vehicle operations, including fleet ownership, robotics-first charging and maintenance hubs known as “Nests,” and launches into new international markets.
The company also plans to more than triple its autonomous mobility workforce by the end of the year, increasing from approximately 150 employees to about 500.
Founded in Lagos in 2020 with just 76 vehicles, Moove has grown into one of the world’s largest ride-hailing fleet operators. The company now manages approximately 42,000 vehicles across 29 cities in 13 countries, employs more than 3,300 people globally, and has reached an annual recurring revenue (ARR) of $420 million.
Moove has expanded through strategic acquisitions, including Brazil’s Kovi and Japan’s Tokyo Taxi, while positioning itself as a leading third-party autonomous fleet manager through its partnership with Waymo. The company currently operates autonomous vehicle fleets in Phoenix and Miami, with London scheduled to follow.
“Every major technology revolution becomes an infrastructure race,” said Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove.
“The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city—and that is what Moove is building.”
Delano said the company believes ownership of mobility infrastructure—not just autonomous vehicle technology—will determine the industry’s long-term winners.
“We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform.”
He added that the latest investment positions Moove to help make autonomous transportation a mainstream reality.
“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 everyday transportation. This is not a departure from our mission—it is the fullest expression of it.”
Ali Eid AlMheiri, Executive Director of Diversified Assets at Mubadala’s UAE Investments Platform, said autonomous mobility requires robust physical infrastructure beyond vehicle technology alone.
“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 investment aligns with the UAE’s strategy to strengthen its position as a global hub for advanced technologies while supporting economic diversification.
Meanwhile, Betty Lee, Principal at Woven Capital, described Moove as one of the few companies capable of executing autonomous mobility infrastructure at scale.
“The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it.”
Michael Joseph, Co-Founder and Co-CEO of Ion Pacific, said the firm’s long-standing partnership with Moove has demonstrated the company’s ability to execute consistently.
“As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector—one that is complex, adaptive and essential to scaling autonomous vehicles.”
The Series C funding underscores growing investor confidence in autonomous mobility infrastructure, as the industry shifts from testing self-driving technology to deploying commercial fleets at scale.
For Africa, the milestone also highlights the emergence of globally competitive technology companies capable of building infrastructure that serves markets far beyond the continent, reinforcing the region’s expanding role in shaping the future of mobility.
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