Mubadala Leads $250 Million Funding Round for Moove to Accelerate Autonomous Mobility Expansion - Business Today Middle East
Moove, the global mobility companydeveloping the operational infrastructure for autonomous transportation, has secured$250 million in Series C funding, reaching a$2. 1 billion valuation. The investment round. . .
Moove, the global mobility companydeveloping the operational infrastructure for autonomous transportation, has secured$250 million in Series C funding, reaching a$2. 1 billion valuation. The investment round was led byMubadala Investment Companyand co-led byWoven Capital, Toyota’s growth fund, andIon Pacific. The latest funding round also attracted new investors, includingBlueCrest Capital ManagementandSona Capital, alongside existing backers such asBlackRock,MUFG,Franklin Templeton,Uber,Left Lane,Square Associates,The Latest Ventures, and theOntario Power Generation Pension Plan. The new capital will accelerate the expansion of Moove’s autonomous vehicle operations, including fleet ownership and the rollout of robotics-first depot infrastructure known as“Nests. ”These facilities are designed to charge, maintain, service, and coordinate autonomous fleets to enable continuous operations. The investment will also support Moove’s global expansion into new markets. As part of its growth strategy, the company expects to increase its autonomous vehicle workforce by more than220%by the end of the year, expanding from approximately150 employees to around 500. Moove said scaling autonomous mobility requires far more than vehicle technology alone. The company is focused on building the supporting infrastructure—including capital, fleet ownership, charging networks, maintenance capabilities, operational systems, and around-the-clock city-level fleet management—to enable autonomous transport to operate at scale. Since its launch in 2020, Moove has developed a platform for financing, managing, and operating ride-hailing fleets globally. The company now employs3,300 people, manages approximately42,000 vehiclesacross29 cities in 13 countries, and has become one of the world’s largest ride-hailing fleet operators. Its international expansion has been supported by both organic growth and acquisitions, includingKoviin Brazil andTokyo Taxiin Japan. The company has also grown its annual recurring revenue (ARR) to$420 million. Commenting on the funding,Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove, said the next phase of technological advancement will be defined by infrastructure ownership rather than technology alone. He noted that just as the internet required data centres and AI relies on computing infrastructure, autonomous mobility depends on fleets, charging facilities, maintenance, operational systems, and continuous city-wide execution. Delano added that, with its foundation in the UAE and backing from long-term strategic investors, Moove is well positioned to help transform autonomous mobility from an emerging technology into an everyday transportation solution. Ali Eid AlMheiri, Executive Director of Diversified Assets at Mubadala’s UAE Investments Platform, said the infrastructure supporting autonomous mobility will become increasingly important as the technology moves toward large-scale deployment. He noted that Moove’s integrated platform combines fleet ownership, operational expertise, and technology to support the industry’s next stage of growth. AlMheiri added that the investment aligns with Mubadala’s strategy of supporting infrastructure that contributes to the UAE’s economic diversification while strengthening the country’s position as a hub for advanced technologies. He also highlighted Mubadala’s continued partnership with Moove following its initial investment three years ago. Betty Lee, Principal at Woven Capital, said Moove has consistently demonstrated its ability to execute across international markets while building a scalable platform for both traditional and autonomous vehicle fleets. She described the next generation of mobility as an infrastructure challenge as much as a software opportunity. Michael Joseph, Co-CEO and Co-Founder of Ion Pacific, said the firm has partnered with Moove for more than five years and has been impressed by the company’s consistent execution. He added that Moove is building the critical infrastructure required to enable autonomous vehicle deployment at scale.