Uber-backed Moove Valued at US$2.1bil After New Funding Round
The ride-hailing fleet operator, founded in Lagos in 2020, now runs about 42,000 vehicles across 13 countries.
Moove, the Uber-backed ride-hailing fleet operator, has been valued at US$2.1 billion following its latest funding round.
The round was led by Abu Dhabi's Mubadala Investment Company, with support from Toyota's growth fund, among others.
"The funding will support expansion of Moove's autonomous vehicle business, including fleet ownership and robotics-first depot infrastructure where autonomous fleets are charged, serviced and maintained," the company said in a statement.
Founded in Lagos in 2020 with just 76 vehicles, Moove has since grown into a global ride-hailing fleet operator with around 42,000 vehicles in 13 countries. It said its annual recurring revenue stands at US$420 million.
Besides Uber, the company already counts asset managers BlackRock and Franklin Templeton among its backers.
Moove has expanded through a combination of organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.
Its stated focus on autonomous vehicles and robotics-first depots points to a push towards more automated fleet operations, in line with rising global investment in self-driving technology.
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