Moove, a Dubai-headquartered company founded in Nigeria, has raised $250 million at a $2.1 billion valuation in a Series C round led by Mubadala Investment Company. The funding will scale its autonomous vehicle fleet management business, building on its experience in financing and operating human-driven ride-hailing fleets.

Moove operates a 42,000-vehicle fleet across 14 countries and provides financing to gig drivers. Its foray into autonomous vehicles began in early 2023, identifying a gap in fleet ownership and operation. Moove plans to own, operate, and orchestrate autonomous vehicles, partnering with AV developers. They are currently the fleet operator for Waymo in Phoenix, Miami, and Las Vegas, with plans for London, and intend to purchase robotaxis using debt financing.

This capital will also support hiring approximately 350 people and developing automated depots called “Nests” for round-the-clock vehicle charging and maintenance. Moove aims to eventually own hundreds of thousands of robotaxis, positioning itself as a crucial backbone for the burgeoning robotaxi industry.