Home / Business and Economy / Moove Secures $250M for Autonomous Vehicle Fleet Expansion
Moove Secures $250M for Autonomous Vehicle Fleet Expansion
6 Aug
Summary
- Moove raised $250 million at a $2.1 billion valuation.
- The company is expanding into autonomous vehicle fleet management.
- New funding will scale AV fleet operations and automated depots.
Moove, founded in Nigeria and now headquartered in Dubai, has successfully raised $250 million in a Series C funding round, achieving a valuation of $2.1 billion. The company is significantly expanding its focus to include the management of autonomous vehicle fleets. This strategic shift leverages Moove's extensive experience in operating large ride-hailing fleets and providing vehicle financing.
The new funding will be primarily directed towards scaling Moove's autonomous vehicle operations. This includes hiring approximately 350 new employees to support this growth. Furthermore, a portion of the capital will be allocated to developing advanced, automated depots called 'Nests,' designed for 24/7 operation and utilizing robotics for charging and maintenance.
Moove currently operates a substantial fleet of 42,000 human-driven vehicles across 14 countries and also continues to offer vehicle financing to gig drivers. The company has already begun operating Waymo autonomous vehicles in Phoenix, Miami, and Las Vegas, with London planned for the future. While currently operating Waymo vehicles without ownership, Moove intends to acquire robotaxis using debt financing, aiming for a fleet of hundreds of thousands of autonomous vehicles.
