Moove, the Nigerian-founded mobility fintech, has raised $250 million in a Series C funding round, pushing its valuation to $2.1 billion as the company increase its expansion into autonomous vehicle infrastructure.
The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific.
The latest investment will be used to scale Moove’s autonomous mobility business, including expanding its autonomous vehicle fleet, building robotics-enabled charging and maintenance depots known as “Nests,” and entering new international markets.
New investors including BlueCrest Capital Management, Sona Asset Management and The Raptor Group also participated, alongside existing backers such as BlackRock, Uber, MUFG, Franklin Templeton and Left Lane Capital.
Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing to ride-hailing drivers in Lagos.
Since then, it has evolved into a global mobility infrastructure company operating approximately 42,000 vehicles across 29 cities in 13 countries, generating annual recurring revenue of about $420 million.
The company has shifted its focus toward autonomous mobility through its partnership with Waymo, Google’s self-driving technology company.
Moove now manages autonomous vehicle fleets for Waymo in Phoenix and Miami, with operations also planned for London.
According to the company, the new capital reflects growing investor confidence that autonomous transportation will require more than self-driving software alone.
It said large-scale deployment depends on fleet ownership, charging infrastructure, maintenance facilities and around-the-clock operational management.
“As autonomous mobility moves from experimentation to commercial deployment, we’re building the infrastructure layer that enables it to operate at scale,” the company said in a statement.
Moove expects to more than triple its autonomous vehicle workforce this year, increasing the team from about 150 employees to roughly 500 as deployments expand globally.
The fundraising comes amid rising global investment in autonomous driving technologies, with companies across the sector racing to commercialise robotaxi services and self-driving fleets.
Rather than developing autonomous driving software itself, Moove is positioning itself as the infrastructure provider that owns, finances and operates the vehicles and charging networks needed to support autonomous mobility at scale.
For Nigeria and Africa’s broader startup ecosystem, the funding marks another milestone for a company that started by solving a local mobility financing challenge before expanding into global transport infrastructure.
It also shows how African-founded startups are building technology businesses with worldwide ambitions beyond the continent.
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