Moove, a mobility fintech startup based in Nigeria that democratizes car ownership for mobility entrepreneurs, has secured US$250 million in a Series C round at a valuation of US$2.1 billion.
Moove, which was founded in 2020 by Ladi Delano and Jide Odunsi to provide mobility entrepreneurs with equitable, easily accessible, and reasonably priced revenue-based vehicle financing options, integrates its alternative credit scoring technology into ride-hailing platforms, underwriting clients who were previously shut out of financial services thru the use of proprietary performance and revenue analytics.
Currently, the company employs 3,300 people, runs about 42,000 vehicles in 29 cities across 13 countries, produces US $420 million in annual recurring revenue (ARR), and handles autonomous vehicle fleets in Phoenix and Miami thru its relationship with Waymo; London is scheduled to follow.
The business reportedly raised US $100 million in a Series B fundraising round in March 2024, and it has since raised an additional US $250 million. As a result, the company is now valued at US$2.1 billion and has received approximately US $710 million in total cash.
Mubadala Investment Company, Woven Capital, Toyota’s growth fund, and Ion Pacific led the round; BlueCrest Capital Management and Sona Capital also participated. By the end of the year, Moove’s autonomous mobility workforce will have grown by more than 220%, from roughly 150 to 500 employes, and the funds will be utilized to expand its autonomous vehicle company, build further robotics-first Nests infrastructure, and enter new markets.
“Every major technology revolution becomes an infrastructure race. The internet required data centres. AI requires compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city – and that is what Moove is building. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them,” said Delano.
“We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform. Today, we are focused on building the platform that will redefine mobility and enable billions of autonomous journeys worldwide.”
