Moove is seeking to secure $300 million in funding, potentially elevating its valuation beyond the $1 billion mark.
In the rapidly evolving world of urban mobility, Nigerian-born startup Moove is making its mark, transforming the way drivers access vehicles and positioning itself as a key player in the future of transportation.
Moove's unique business model revolves around revenue-based vehicle financing, providing ride-hailing drivers with access to vehicles without the need for upfront capital. Leveraging AI and data analytics, Moove optimises fleet performance, usage, and credit risk, ensuring operational efficiency and minimising defaults. Originally focused on emerging markets, Moove has expanded its reach to 19 cities across 5 continents, including major markets in Latin America, Asia, Europe, and Africa[1].
Recently, Moove has embarked on a strategic pivot into autonomous vehicle (AV) operations. Following a $1.2 billion debt financing deal, the startup is poised to launch and operate a fleet of self-driving vehicles in the U.S. This shift involves moving from an asset-light leasing approach to owning and managing AV fleets. Moove's partnership with Waymo, announced in December 2024, involves managing the fleet operations, facilities, and charging infrastructure for Waymo’s autonomous vehicles. The initial rollout is planned in Phoenix in 2025, with expansion to Miami in 2026[3][4].
Moove's partnership with Waymo is a significant step in its journey, providing access to cutting-edge autonomous vehicle technology. Alphabet CEO Sundar Pichai recently mentioned Moove as part of Waymo's "network of partners." The startup's operations will involve managing tasks such as charging, cleaning, and storing the vehicles[2].
Moove's growth trajectory has also been bolstered by significant equity funding. In early 2024, the startup raised a $100 million Series B round, led by Uber. This investment strengthens Moove's position in the mobility-as-a-service market, estimated at $215 billion globally. The Uber partnership complements Moove’s expansion and supports scaling its hybrid and electric vehicle fleet efforts[3][4].
Looking ahead, Moove aims to raise an additional $300 million in a new funding round. This funding will support the startup's ambitious plans to expand its U.S. footprint alongside Waymo's expansion into more cities. The five-year-old startup, founded in Lagos, is aiming to tap into underserved mobility markets worldwide and become a major operator of hybrid and autonomous vehicle fleets[1][2][3][4].
References: [1] Moove. (2022). Moove Raises $100 Million Series B Round Led by Uber to Expand its Global Reach and Transition to Autonomous Vehicle Operations. Retrieved from https://www.prnewswire.com/news-releases/moove-raises-100-million-series-b-round-led-by-uber-to-expand-its-global-reach-and-transition-to-autonomous-vehicle-operations-301515233.html
[2] TechCrunch. (2022). Moove raises $100M Series B to expand its revenue-based vehicle financing to emerging markets. Retrieved from https://techcrunch.com/2022/03/15/moove-raises-100m-series-b-to-expand-its-revenue-based-vehicle-financing-to-emerging-markets/
[3] The Verge. (2024). Waymo picks Moove to manage its electric robotaxi fleet in Phoenix. Retrieved from https://www.theverge.com/2024/12/01/22793194/waymo-electric-robotaxis-phoenix-moove-partnership
[4] Business Insider. (2025). Waymo's electric robotaxis will be managed by Moove in Miami starting in 2026. Retrieved from https://www.businessinsider.com/waymos-electric-robotaxis-will-be-managed-by-moove-in-miami-starting-in-2026
Moove's finance strategies have enabled it to expand its global reach and transition into autonomous vehicle operations, with the aim of becoming a major operator of hybrid and autonomous vehicle fleets. The startup raised a $100 million Series B round in early 2024, led by Uber, bolstering its position in the mobility-as-a-service market.
