Moove raises $250 million Series C led by Mubadala with Woven Capital and Ion Pacific

Moove has raised $250 million in a Series C round led by Mubadala Investment Company, with Woven Capital, described as Toyota's growth fund, and Ion Pacific as co-leads. StreetInsider carried the announcement on 5 August. The round values the company at $2.1 billion.

What Moove does

Moove builds an operating platform for self-driving transport. It finances, owns and runs vehicle fleets, operates charging and maintenance depots that it calls "Nests", and acts as a third-party operator of autonomous fleets through its partnership with Waymo. The company was founded in 2020 by Ladi Delano and Jide Odunsi, and its headquarters is in the United Arab Emirates.

Scale and investors

Moove runs about 42,000 vehicles and reports $420 million in annual recurring revenue. It has about 3,300 employees and operates in 29 cities across 13 countries. Autonomous services are live in Phoenix and Miami, and London is planned. New participants include BlueCrest Capital Management, Sona Asset Management and The Raptor Group, while existing backers include BlackRock, MUFG, Franklin Templeton and Uber.

Plans for the money

The funds will go towards expanding autonomous fleet ownership, building more Nest depots, launching in new markets and growing the autonomous workforce, which is expected to rise from about 150 to about 500 by year end. Delano, Co-Founder, Co-CEO and Advisory Board Chairman, said: "Every major technology revolution becomes an infrastructure race."

At a glance

• Company: Moove
• Raised: $250 million
• Round: Series C
• Investors: Mubadala Investment Company (lead), Woven Capital and Ion Pacific (co-leads)
• Founded: 2020
• Based in: United Arab Emirates
• Markets: 29 cities across 13 countries
• Key figure: $420 million in annual recurring revenue