Moove has transformed from a vehicle financing startup to a multifaceted company involved in ride-hailing and deliveries in Africa, now venturing into the realm of autonomous vehicles. Co-founder Ladi Delano asserts that the company’s background in financing and managing human-operated fleets served as excellent preparation for this new endeavor.
Recently, Moove secured $250 million in funding, valuing the company at $2.1 billion, to enhance its operations.
Established in Nigeria in 2020 and currently based in Dubai, Moove announced that the Mubadala Investment Company spearheaded its latest Series C funding round, with Woven Capital and Ion Pacific contributing as co-leads.
The company remains active in the human-driven ride-hailing market, managing a fleet of 42,000 vehicles across 14 countries. Moove also supports gig economy drivers with vehicle financing and employs a workforce of 3,300 worldwide.
Moove’s exploration of autonomous vehicles commenced in early 2023, after a thorough assessment of the sector and its key players, including AV developers, manufacturers, ride-hailing platforms like Uber, and consumers. Delano noted that none of these entities seem keen on owning the vehicles themselves.
“In this ecosystem, there’s uncertainty about who owns and operates the vehicle, who handles servicing and maintenance, and even who manages lost property and vehicle cleaning,” Delano remarked. This insight highlighted that Moove’s expertise in fleet management and financing could seamlessly transition into the domain of autonomous vehicles.
“Our goal is to develop a model where we own, operate, and manage autonomous vehicles, while seeking out partnerships to execute this vision,” Delano stated. He also mentioned, “In 2023, we initiated discussions with numerous AV companies. Thankfully, we successfully established a partnership with Waymo.”
Moove is now the fleet operator for Waymo in cities like Phoenix, Miami, and Las Vegas, with plans for expansion to London. Although the company does not currently own Waymo vehicles, it intends to use debt financing for acquisitions. Delano did not provide specific dates regarding the purchase of these robotaxis, but mentioned that Moove has already acquired robotaxi vehicles from a different AV developer without revealing the identity of that developer.
“Our long-term vision is to possess hundreds of thousands of robotaxis,” Delano remarked.
The recent funding will be directed towards scaling Moove’s fleet management for autonomous vehicles, which includes hiring around 350 staff members. Delano also indicated that the company’s traditional mobility services are expected to reach full profitability this year. Some of the funds will be allocated to creating automated depots, referred to as “nests,” which will operate 24/7 and utilize robotics for vehicle maintenance and charging.
Moove currently has 15 depots either under construction or in planning stages. While Delano refrained from specifying when these advanced automated depots would be operational, he indicated that this represents a future milestone for the company.
Additional investors involved in this funding round include BlueCrest Capital Management, Sona Asset Management, Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.
