Moove Raises $250 Million to Expand Autonomous Vehicle Business
Moove raised $250 million from Abu Dhabi sovereign wealth fund Mubadala, valuing the mobility fintech at $2. 1 billion. The company plans to use the capital to build maintenance hubs for autonomous vehicle fleets across the United States, Europe and Asia. Moove, which began by financing ride-hailing drivers in Africa, is. . .
Moove raised $250 million from Abu Dhabi sovereign wealth fund Mubadala, valuing the mobility fintech at $2. 1 billion. The company plans to use the capital to build maintenance hubs for autonomous vehicle fleets across the United States, Europe and Asia. Moove, which began by financing ride-hailing drivers in Africa, is shifting its business model toward servicing robotaxi fleets while relocating its headquarters to the United Arab Emirates. Moove, the mobility fintech founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, has raised $250 million in a funding round led by Mubadala, the Abu Dhabi sovereign wealth fund, as the company pivots from vehicle financing to infrastructure for autonomous mobility. The investment values the company at $2. 1 billion and marks Moove's latest step toward becoming a service provider for self-driving vehicle fleets. The funding round also included Woven Capital, Toyota's investment arm, Ion Pacific, and asset managers BlueCrest, Sona and Raptor Group. From Driver Financing to Robotaxi MaintenanceMoove launched in Lagos in July 2020 with a fleet of 76 vehicles after identifying a financing gap for ride-hailing drivers across Africa. The company developed a model that financed up to 95% of a vehicle's purchase price. Drivers repaid the loans over three to four years through deductions from their weekly earnings, allowing workers without access to traditional bank credit to acquire vehicles. Six years later, Moove operates from Dubai and partners with Waymo, Google's autonomous driving subsidiary, as well as Uber. The newly raised capital will finance the construction of what Moove describes as autonomous vehicle"nests"—dedicated facilities where robotaxis will park for cleaning, inspection, charging, maintenance and repairs. "This is where we begin to imagine robots maintaining and repairing other robots, rather than relying solely on humans,"Chief Executive Officer Ladi Delano said. The company plans to expand its autonomous vehicle division from 150 employees to approximately 500 by the end of the year. Moove believes the rapid emergence of driverless vehicle fleets in major global cities will create growing demand for fleet maintenance, cleaning and logistics services. The company aims to position itself as a leading provider of those services. Africa Absent From Expansion PlansThe company's strategic shift raises questions about its African roots. Moove built its business in Lagos, Ibadan, Accra, Johannesburg, Cape Town and Nairobi. It also became Uber's exclusive vehicle financing partner in Sub-Saharan Africa. African ride-hailing drivers, through years of weekly loan repayments, helped establish the business model that now supports a $2. 1 billion valuation. However, Moove's announced expansion targets focus exclusively on the United States, Europe and Asia, with no new African investments included in its growth plans. The company has also relocated its headquarters from Nigeria to the United Arab Emirates, while its latest funding comes from investors in Abu Dhabi, Tokyo and Hong Kong. The transition illustrates a broader trend among African technology companies. Several startups founded on the continent have moved their headquarters to Dubai, London or New York after raising significant capital, seeking closer access to global investors and smoother paths to future public listings. The debate in Africa has consequently shifted from companies' relocation decisions to the long-term implications for domestic employment, tax revenues and value creation. This article was initially published in French by Fiacre E. KakpoAdapted in English by Ange J. A de Berry Quenum