Moove’s transformation from a vehicle financing company to ride-hailing and delivery services in Africa, and now encompassing autonomous vehicles, might appear as a significant shift. However, co-founder and co-CEO Ladi Delano explained that the background in financing and operating human-driven ride-hailing fleets served as perfect preparation for the company’s new venture.

The company has successfully secured $250 million at a valuation of $2.1 billion to expand this part of its business.

Established in 2020 in Nigeria and currently based in Dubai, the company announced that Mubadala Investment Company was the lead investor in this latest Series C funding round, along with Woven Capital and Ion Pacific as co-leads.

Moove continues to focus heavily on human-driven ride-hailing. It manages a fleet of 42,000 vehicles across 14 different countries. With a workforce of 3,300 globally, the company still offers vehicle financing to gig economy drivers.

Its move into autonomous vehicles began in early 2023 following a thorough analysis of the sector and its four primary stakeholders: the AV developers, vehicle manufacturers, platforms like Uber, and consumers. According to Delano, none of these entities are interested in “owning the metal,” referring to the vehicles.

“In this scenario, who possesses the vehicle? Who runs the vehicle? Who coordinates the vehicle? Who handles servicing, maintenance? Who looks after lost items? Who cleans?” Delano queried. He noted that it became evident that Moove’s expertise in managing extensive fleets and providing financing could be relevant to the operations of autonomous vehicles.

“Let’s build a product where we own, operate, and coordinate autonomous vehicles, and let’s find partners for this endeavor — that’s essentially our approach,” Delano stated. “By 2023, we began discussions with virtually every AV company imaginable, and, as fate would have it, we successfully partnered with Waymo first.”

Moove acts as the fleet operator for Waymo in cities like Phoenix, Miami, and Las Vegas, with plans to extend to London in the future. While the company does not currently own the Waymo vehicles, it has plans to do so. Moove is looking to utilize debt financing for acquiring the robotaxis. Delano did not provide a specific timeline for the acquisition of Waymo robotaxis but mentioned that Moove already owns robotaxi vehicles from a different AV developer, without disclosing the name of the company.

“Ultimately, our goal is to possess, you know, hundreds of thousands of vehicles,” he indicated, referring to robotaxis.

This recent funding will be allocated to expand the company’s autonomous vehicle fleet management operations, including hiring approximately 350 new employees. (Delano mentioned that its traditional mobility sector is on track to reach full profitability this year.) A portion of the funds will also support the development of automated depots that are termed “nests.” These “nests” will operate 24/7 and employ robotics for vehicle charging, maintenance, and servicing tasks.

Moove currently has around 15 depots under various stages of development. Delano refrained from specifying when the automated, “lights-out” depots would be operational, stating that this is a forthcoming product.

Other participants in this funding round include BlueCrest Capital Management, Sona Asset Management, Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.