Nigeria-founded mobility startup Moove is reportedly seeking to raise $300 million in fresh funding, a move that could catapult the company into unicorn territory with a valuation north of $1 billion.
This potential funding round would mark a significant milestone in the company’s transformation from an African-focused vehicle financing firm into a global mobility infrastructure leader.
According to The Information, the fresh capital would further Moove’s ambitions of building the operational backbone for the future of urban transportation, including autonomous vehicle (AV) ecosystems.
This comes on the heels of its recent acquisition of Brazilian car rental company Kovi, reflecting its aggressive expansion strategy beyond its African roots. Moove initially made its name by providing vehicle financing for Uber drivers but has since broadened its scope to include fleet management services, particularly in the U.S.
In the past year alone, the company’s revenue has surged from $115 million to $360 million annually, driven by strong performance in vehicle financing and its newer U.S.-based fleet management division.
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Co-founded by Ladi Delano, Moove is now working closely with Waymo, Alphabet’s self-driving vehicle subsidiary, managing on-the-ground operations for its robotaxi fleet in cities like Phoenix and Miami. Moove’s role includes tasks such as charging, maintenance, and depot logistics, essential to keeping AVs road-ready.
This hands-on approach could redefine ownership in the autonomous era, allowing today’s drivers to eventually own and operate AV fleets—a natural evolution of Moove’s “drive-to-own” business model.
So far, Moove has attracted over $750 million in a mix of equity and debt funding, with backing from major players like Uber, which holds a stake exceeding 10%, and the Mubadala Investment Company of Abu Dhabi.
With over 90 new hires in the U.S. this year and a total workforce surpassing 2,100, Moove is steadily positioning itself at the centre of the next big shift in global transport: autonomous, sustainable, and driver-empowered mobility.
