Image: Waymo
Dubai-based mobility company Moove has raised $250 million in a Series C funding round to expand its autonomous vehicle business, bringing the company’s valuation to $2.1 billion.
Founded in Lagos, Nigeria, Moove finances, owns and manages vehicle fleets for ride-hailing operators and is now expanding that model to autonomous vehicle services through partnerships with self-driving technology companies.
The funding will support Moove’s expansion into autonomous fleet ownership and the development of its “Nests” – dedicated facilities where autonomous vehicles are charged, maintained and prepared for service.
Moove also plans to more than triple its autonomous mobility workforce from around 150 employees to about 500 by the end of the year.
“Every major technology revolution becomes an infrastructure race,” said Co-Founder and Co-Chief Executive Officer Ladi Delano. “Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city.”
Moove entered the autonomous vehicle market through its partnership with Google’s self-driving technology company Waymo. It manages Waymo’s fleets in Phoenix and Miami, with London announced as its next market.
The company operates around 42,000 vehicles across 29 cities in 13 countries, up from an initial fleet of 76 vehicles, and has reached a reported annual recurring revenue of $420 million.
The latest funding round was led by Abu Dhabi sovereign wealth fund Mubadala with participation from Woven Capital, Toyota’s growth fund, and investment firm Ion Pacific. Existing investors include Uber, BlackRock, MUFG and Franklin Templeton.
Moove said the new capital will support further international expansion as it grows its autonomous fleet operations.
Zag Daily has contacted Moove for further details on its expansion plans and will update this article if a response is received.
