Photo Credit : WAM
Mubadala Investment Company has led a $250 million Series C funding round for global mobility company Moove, valuing the business at $2.1 billion as it prepares to expand its autonomous vehicle operations worldwide.
The investment round was co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. New investors BlueCrest Capital Management and Sona Capital also participated, joining existing backers including BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Square Associates, The Latest Ventures and the Ontario Power Generation Pension Plan.
Moove said the new capital will be used to expand its autonomous vehicle business, including fleet ownership and the development of robotics-focused depot infrastructure known as “Nests”. These facilities will provide charging, servicing, maintenance and operational coordination for autonomous fleets.
The company also plans to use the funding to enter new international markets and significantly increase its autonomous mobility workforce. Moove expects the division’s employee count to rise by more than 220 percent by the end of the year, growing from approximately 150 employees to around 500.
According to the company, scaling autonomous transportation requires more than advanced vehicle technology. It also depends on access to capital, fleet ownership, charging facilities, maintenance networks, data systems and continuous city-level operations.
Moove is developing an integrated infrastructure and operating platform designed to support the transition of autonomous vehicles from emerging technology into large-scale transportation networks.
Since its launch in 2020, the company has built a financing, fleet and operations platform for human-driven ride-hailing vehicles. Moove currently employs about 3,300 people and operates approximately 42,000 vehicles across 29 cities in 13 countries.
The company has expanded through organic growth and strategic acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. It has also reached annual recurring revenue of $420 million.
Ladi Delano, Co-Founder, Co-CEO and Advisory Board Chairman of Moove, said major technological transformations often develop into infrastructure races.
“The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city, and that is what Moove is building,” he said.
Delano added that Moove’s base in the UAE, combined with long-term strategic investment, would help the company support the wider adoption of autonomous transportation.
“From our anchor in the UAE, and backed by long-term strategic capital, Moove now has the platform to help take autonomy from breakthrough technology to everyday transportation,” he said.
Ali Eid AlMheiri, Executive Director of Diversified Assets at Mubadala’s UAE Investments Platform, said infrastructure would play an increasingly important role as autonomous mobility moves from innovation to commercial deployment.
He said Moove’s platform combines fleet ownership, operational expertise and technology to support the next stage of the autonomous mobility sector.
“This is particularly important for the UAE. Mubadala is investing in enabling infrastructure and scalable platforms like Moove that support economic diversification and strengthen the UAE’s role as a hub for advanced technologies,” AlMheiri said.
Betty Lee, Principal at Woven Capital, said Moove had demonstrated its ability to build and manage traditional and autonomous vehicle fleets across several markets.
“The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it,” she said.
Michael Joseph, Co-CEO and Co-Founder of Ion Pacific Limited, said Moove was developing a critical infrastructure platform that could support the large-scale adoption of autonomous vehicles.
“As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector, one that is complex, adaptive and essential to scaling autonomous vehicles,” he said.
