The funding round values Moove at $2.1 billion. Mubadala Investment Company led the investment, joined by Woven Capital, Toyota’s growth fund, and Ion Pacific. Other participants included BlueCrest Capital Management, Sona Asset Management and The Raptor Group.
Moove plans to use the new funding primarily to expand its autonomous vehicle business. The investment will support the deployment of its own vehicle fleets and the development of dedicated ‘Nests’ – depots where autonomous electric vehicles are charged, maintained and prepared for operation. The company also intends to use the capital to expand into new markets.
“Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city,” said Moove co-founder and Co-CEO Ladi Delano. The company aims to create an infrastructure layer that goes beyond the core technology for autonomous driving.
A central part of this strategy is Moove’s partnership with Waymo. The company operates autonomous vehicle fleets on behalf of Google’s sister company, with services already launched in Phoenix and Miami. London is set to become the first European city to host Waymo’s robotaxi service under the partnership.
Founded in 2020, Moove says it now operates around 42,000 vehicles across 29 cities in 13 countries. Alongside its autonomous vehicle business, the company finances and manages vehicles for conventional ride-hailing platforms and describes itself as Uber’s largest global fleet partner.
