Fleet Operator Moove Raises $250M to Bet on Robotaxi Infrastructure

From Lagos to Autonomous Fleets

When Moove launched in Nigeria in 2020, its pitch was straightforward: help gig drivers access vehicles through financing deals tied to ride-hailing earnings. Six years later, the company operates 42,000 vehicles across fourteen countries and employs 3,300 people. Now, it is placing a larger wager on a different kind of fleet, one that does not need drivers at all.

Moove announced it has closed a $250 million Series C round at a $2.1 billion valuation, according to co-founder and co-CEO Ladi Delano. Mubadala Investment Company led the financing, with participation from Woven Capital and Ion Pacific as co-leads. The capital will fund the company's expansion into robotaxi fleet management, a shift that Delano describes as a natural extension of its existing operations rather than a pivot.

The round also drew backing from 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.

The Gap in the Robotaxi Stack

Delano's team spent early 2023 mapping the autonomous vehicle ecosystem and identified a structural gap. Four core players dominate the space: AV developers building the technology, vehicle manufacturers producing the hardware, marketplaces like Uber connecting riders to vehicles, and consumers. None of these stakeholders, Delano observed, wanted to handle the operational burden of owning and maintaining fleets.

"Who owns the vehicle? Who operates the vehicle? Who orchestrates the vehicle? Who does the servicing, the maintenance? Who does the lost property? Who does the cleaning?" Delano asked in an interview. The questions pointed to a layer of infrastructure that remains underdeveloped even as robotaxi pilots expand across U.S. cities.

Moove's experience managing large ride-hailing fleets and structuring vehicle financing gave it a foundation to build on. The company decided to position itself as the operational backbone for AV developers, handling everything from depot management to vehicle servicing.

Waymo Partnership and Ownership Plans

Moove currently operates robotaxi fleets for Waymo in Phoenix, Miami, and Las Vegas, with plans to expand the partnership to London. The company does not yet own these vehicles but intends to purchase them using debt financing. Delano declined to share a timeline for when Moove will begin acquiring Waymo robotaxis but confirmed the company already owns autonomous vehicles from another, undisclosed developer.

"Ultimately our vision is to own hundreds of thousands of vehicles," Delano said, referring to robotaxis. The ownership model is central to Moove's strategy. By owning the assets, the company can capture more value from each vehicle's operational lifespan while offering AV developers a turnkey solution that removes capital expenditure from their balance sheets.

The structure mirrors Moove's original financing model for human-driven vehicles, where it retained ownership and leased vehicles to drivers on revenue-share agreements. The difference is scale and automation. Robotaxis can operate longer hours without rest breaks, and depot operations can be designed for higher throughput.

Automated Depots and the "Nest" Concept

Part of the fresh capital will fund development of what Moove calls "nests," automated depots designed to handle charging, maintenance, and vehicle servicing around the clock. The company has approximately fifteen depots in various stages of development. Delano envisions these facilities as lights-out operations, using robotics to minimize human intervention.

The depot infrastructure represents a significant operational challenge. Robotaxis require frequent cleaning, software updates, and sensor calibration, tasks that are labor-intensive when handled manually. Automating these processes could improve unit economics and allow Moove to scale faster than competitors relying on traditional garage operations.

Delano did not provide a timeline for when fully automated depots will come online, describing them as a future product. The company is hiring approximately 350 people to support its AV operations, suggesting that manual processes will remain necessary in the near term.

Profitability in the Legacy Business

Moove's human-driven ride-hailing business is approaching a milestone. Delano said the traditional mobility division is set to achieve full profitability this year, a rare feat for a capital-intensive fleet operator. That financial stability gives Moove room to invest in the longer-term robotaxi bet without immediate pressure to generate returns from the AV segment.

The profitability claim is notable given the company's geographic footprint. Moove operates in emerging markets across Africa and the Middle East, where vehicle financing for gig workers faces higher default risk and regulatory complexity compared to developed markets. The company's ability to reach profitability in these conditions suggests it has refined its underwriting models and operational playbook.

Strategic Positioning in a Nascent Market

Moove is not the only operator eyeing the robotaxi infrastructure layer. Companies like Revel in New York and Halo in Las Vegas have experimented with AV fleet management, though with mixed results. Revel shut down its ride-hailing service in 2021 and pivoted to EV charging infrastructure before re-entering mobility with a Tesla rental program. Halo, which offered remote-piloted vehicle delivery, ceased operations in 2023 after struggling to scale.

What distinguishes Moove is its existing scale and financial backing. A 42,000-vehicle fleet provides operational data and negotiating leverage with suppliers, insurers, and municipalities. The Waymo partnership, meanwhile, gives Moove access to the most mature AV technology currently deployed at commercial scale.

The valuation of $2.1 billion implies investor confidence that fleet operations will become a high-value segment as robotaxis proliferate. If AV developers continue to avoid owning vehicles, third-party operators like Moove could capture a significant share of the economics. The risk is that AV developers or vehicle manufacturers decide to integrate vertically, cutting out the middleman.

What Comes Next

Moove's roadmap hinges on two variables: the pace of robotaxi deployment and the company's ability to finance vehicle purchases at scale. Debt markets for autonomous vehicles remain underdeveloped, and lenders will need confidence in residual values and utilization rates before extending large credit lines.

The London expansion is particularly ambitious. Waymo has not yet launched commercial operations in the UK, and regulatory approval for fully autonomous vehicles without safety drivers remains uncertain. Moove's involvement suggests Waymo is preparing for a European push, but the timeline is unclear.

For now, Moove is balancing two businesses with different risk profiles. The human-driven fleet generates cash flow and serves as a proving ground for operational processes. The robotaxi segment is a bet on the next decade, with higher capital requirements and longer payback periods. Whether the company can execute on both fronts will determine if it becomes the infrastructure layer for autonomous mobility or another casualty of the AV hype cycle.