Uber-backed Moove valued at US$2.1bil after new funding
The latest funding round, led by Abu Dhabi's Mubadala Investment Company with support from Toyota's growth fund and others, will support Moove's autonomous vehicle expansion.
In a significant move, Uber-backed mobility firm Moove announced on Wednesday that it has secured $250 million in fresh funding, elevating its valuation to an impressive $2.1 billion. This follows the company's humble beginnings in Lagos in 2020 with just 76 vehicles. Today, Moove has expanded into a global ride-hailing fleet operator, managing approximately 42,000 vehicles across 13 countries.
The company reported an annual recurring revenue of $420 million. The latest round of funding was spearheaded by Abu Dhabi's Mubadala Investment Company, with contributions from Toyota's growth fund and others. The primary objective of this substantial investment is to bolster Moove's autonomous vehicle business, encompassing fleet ownership and robotics-first depot infrastructure where autonomous fleets will be charged, serviced, and maintained.
Moove has already received support from Uber, as well as asset managers BlackRock and Franklin Templeton. The company's growth has been attributed to both organic expansion and strategic acquisitions, notably Kovi in Brazil and Tokyo Taxi in Japan.
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