The latest investment brings Moove’s total capital raised to more than $710 million, marking another milestone for one of Africa’s fastest-growing technology companies with global ambitions. 

Founded in 2020 by Ladi Delano and Jide Odunsi, Moove initially built its business around providing revenue-based vehicle financing to mobility entrepreneurs who were often overlooked by traditional lenders.

The company developed an alternative credit assessment system that uses earnings and operational data from ride-hailing platforms to evaluate borrowers, helping drivers gain access to vehicle ownership without relying on conventional credit histories.

Since launching in Lagos, the company has expanded rapidly across international markets.

Moove now manages approximately 42,000 vehicles in 29 cities across 13 countries, employs about 3,300 people, and generates $420 million in annual recurring revenue (ARR).

It has also become a major fleet management partner for Alphabet-owned autonomous driving company Waymo, operating autonomous vehicle fleets in Phoenix and Miami, with London expected to become the next market under the partnership.  

The latest funding round was led by Mubadala Investment Company, Woven Capital, Toyota’s growth investment fund, and Ion Pacific. Existing and new investors, including BlueCrest Capital Management and Sona Capital, also participated.

Moove said the new capital will support the expansion of its autonomous vehicle business, the development of additional robotics-focused operational facilities known as Nests, entry into new markets, and a significant increase in its autonomous mobility workforce.

The company plans to grow this specialized team by more than 220%, increasing headcount from roughly 150 employees to 500 by the end of the year.

“Every major technology revolution becomes an infrastructure race. The internet required data centers. AI requires compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city — and that is what Moove is building,” said Ladi Delano, co-founder and co-CEO of Moove.

“In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them,” he added.

Delano said the company’s evolution reflects a broader shift in the future of transportation.

“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.”

Moove’s latest raise comes as investment in autonomous mobility infrastructure gathers pace globally.

Rather than developing self-driving technology itself, the company is positioning its business around the physical infrastructure required to deploy autonomous fleets at scale, including fleet financing, charging, servicing, maintenance, and operational management.