UAE-based mobility company Moove has secured $250m in a Series C funding round led by Mubadala Investment Company.
The round, which values the company at $2.1bn, was co-led by Toyota’s growth fund Woven Capital and Ion Pacific.
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Moove said the money will be used to grow its autonomous vehicle business, including autonomous fleet ownership and its robotics-first depot infrastructure, known as “Nests”, where autonomous fleets are charged, serviced, maintained and managed for continuous operation.
The funding will also back new market launches globally.
As part of the planned expansion, the Dubai-based company said it expects to grow its autonomous vehicle workforce by more than 220% by the end of 2026, increasing from about 150 employees to around 500.
Moove said it is developing infrastructure for autonomous mobility through integrated fleet management, depot infrastructure and round-the-clock operations.
Moove said that since 2020 it has built a capital, fleet and operations platform to deploy and manage human-driven ride-hail mobility assets at scale.
The company employs 3,300 people globally and operates about 42,000 vehicles across 29 cities in 13 countries.
“It has expanded through a combination of organic growth and strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan, and has grown to $420m ARR [annual recurring revenue]”, the company added.
Through its partnership with Waymo, Moove said it is already operating as a third-party autonomous vehicle fleet manager, with operations live in Phoenix and Miami and announced for London.
The funding round also included BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers including BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst and the Ontario Power Generation Pension Plan.
Moove co-founder, co-CEO and advisory board chairman Ladi Delano said: “Every major technology revolution becomes an infrastructure race. The internet required data centres. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them.
“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.”
