Mobility company Moove has raised $250 million in a Series C funding round as it prepares to expand its autonomous vehicle fleets and develop charging and depot infrastructure to support their operations.
The financing values Moove at $2.1 billion and was led by Mubadala Investment Company, with participation from Woven Capital, Toyota’s growth fund, and Ion Pacific. BlueCrest Capital Management, Sona Asset Management and The Raptor Group also took part in the round.
Moove said the capital will primarily fund the expansion of its autonomous vehicle business, including the deployment of company-operated fleets and construction of dedicated facilities known as “Nests.”
Moove Builds Infrastructure For Autonomous Fleets
The Nests are designed to provide dedicated locations where autonomous electric vehicles can be charged, maintained and prepared for service.
Moove also plans to use part of the funding to enter additional markets as it expands its autonomous mobility operations.
The company said autonomous transportation requires more than the driving technology itself, with cities needing supporting infrastructure and operational systems to keep fleets running continuously.
“Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city,” said Moove co-founder and Co-CEO Ladi Delano.
Delano said Moove is working to develop an infrastructure layer that supports autonomous vehicle technology across the wider mobility ecosystem.
Waymo Partnership Supports Robotaxi Expansion
A key component of Moove’s autonomous vehicle strategy is its partnership with Waymo, the autonomous driving company owned by Google parent Alphabet.
Moove operates autonomous vehicle fleets for Waymo, with services already running in Phoenix and Miami. London is expected to become the first European market to launch Waymo’s robotaxi service through the partnership.
The expansion gives Moove a role in the operational infrastructure behind autonomous ride-hailing services as the technology moves from limited deployments toward broader commercial operations.
Fleet Business Extends Beyond Autonomous Vehicles
Moove was founded in 2020 and says it currently operates about 42,000 vehicles across 29 cities in 13 countries.
Beyond autonomous mobility, the company provides vehicle financing and fleet management services for conventional ride-hailing platforms. Moove also describes itself as the largest global fleet partner of Uber.
The latest funding round is therefore expected to support both the company’s autonomous vehicle ambitions and the infrastructure required to operate larger fleets across multiple markets.