Rapid Expansion and Strategic Partnerships
This planned funding raise comes at a time of remarkable growth and strategic diversification for Moove. Last year, the company announced a pivotal partnership with Waymo, Alphabet's self-driving vehicle division. This collaboration tasks Moove with managing and operating fleets of autonomous vehicles in key U.S. markets, specifically Phoenix, Arizona, and Miami, Florida. Moove's responsibilities include the crucial tasks of cleaning, charging, and storing Waymo's electric robotaxis as the self-driving service expands its commercial operations.
Moove has already demonstrated its ability to attract substantial investment, having raised an impressive $750 million in debt and equity to date. Its notable backers include Uber, which holds a stake of more than 10%, and Mubadala Investment Company. In 2024 alone, Moove secured $100 million at a valuation of $750 million from these prominent investors.
Fueling Growth Through Acquisitions and Core Business
Moove's impressive growth trajectory has also been significantly boosted by strategic acquisitions. In January, the company acquired Kovi, a Brazilian urban mobility provider specializing in financing for ride-hailing drivers. This acquisition substantially increased Moove's revenue. The company's annualized revenue has reportedly soared to $360 million, a dramatic increase from $115 million just over a year ago. This surge is largely driven by its core business of extending loans to Uber drivers and its expanding fleet management operations in the United States. The current revenue pace suggests Moove is generating approximately $30 million in revenue each month.
Innovating Mobility: From Drive-to-Own to Robotaxi Management
Founded by Ladi Delano and Jide Odunsi, Moove operates as a mobility fintech. Its innovative model involves purchasing cars with bank loans and offering them to Uber drivers through a unique "drive-to-own" scheme. Drivers in Africa, India, and the UK can gradually pay for the vehicles through their earnings and eventually gain full ownership.
Beyond its initial financing model, Moove has strategically expanded into robotaxi management. This includes handling the cleaning, charging, and storage of autonomous vehicles when they are not in use. The company's global footprint is significant, employing over 2,100 people worldwide, with at least 90 recent hires in the U.S. to support its growing operations.
Ambitious Vision for Autonomous Future
This latest funding effort underscores Moove's ambitious vision to become a critical player in the evolving autonomous mobility ecosystem. While its current agreement with Waymo is confined to fleet management, according to co-founder Ladi Delano, Moove is eyeing a much broader role. The company plans to purchase AV-enabled cars directly from manufacturers and, in the future, potentially lease mini-fleets of robotaxis to entrepreneurs and businesses. This could include former ride-hailing drivers or other entities looking to operate at scale. In such scenarios, Moove would continue to oversee depot operations, managing the essential tasks of charging, storage, and cleaning for these autonomous vehicles.
Moove's bold expansion and strategic partnerships position it as a key innovator in the future of transportation, blending vehicle financing with cutting-edge autonomous technology.