Mobility company, Moove, is reportedly in discussions to raise $300m in fresh capital, a move that could push its valuation beyond the $1bn mark and earn it coveted unicorn status.
This development comes after The PUNCH reported in January that the Uber-backed startup acquired Brazil’s Kovi, a car rental company, as part of its strategy to expand beyond Africa.
The fundraising round, if successful, would enable Moove to cement its position as one of the leading enablers of sustainable urban transport globally, The Information reported on Friday.
The company, which began by financing vehicles for ride-hailing drivers, is now rapidly evolving into a global fleet management and mobility infrastructure firm, with growing involvement in autonomous vehicle operations.
Over the past year, Moove’s annual revenue has surged from $115m to $360m, approximately $30m per month. This growth has been primarily driven by its core business of vehicle financing for Uber drivers and, more recently, its expanding fleet management services in the United States.
Moove, which was co-founded by Co-Chief Executive Officer Ladi Delano, is now working closely with Waymo, the self-driving technology subsidiary of Google parent company Alphabet. In cities such as Phoenix and Miami, Moove manages essential operations like charging, cleaning, and depot storage for Waymo’s electric robotaxis.
“The current agreement with Waymo is limited to fleet management,” said Delano, adding that the company is positioning itself to go further. Moove plans to acquire AVs directly from manufacturers, lease them to entrepreneurs or businesses, and maintain control over operations, including servicing and infrastructure management.
This strategy could allow today’s Uber drivers to become future owners of AV fleets, creating an ownership model that aligns with Moove’s original “drive-to-own” proposition. The company has already financed vehicles in markets including Africa, India, and the UK and is now taking this experience into more complex regulatory environments such as the United States.
To date, the company has secured over $750m in combined debt and equity financing, with backing from investors such as Uber, which holds more than a 10 per cent stake, and the Abu Dhabi-based Mubadala Investment Company.
With more than 90 new hires in the US this year and a global workforce exceeding 2,100 employees, Moove is building the operational backbone of the autonomous transport future.
While companies like Waymo develop the self-driving technology, Moove is betting that control over fleet readiness, ensuring vehicles are clean, charged, and roadworthy, will be where real power lies in the next era of mobility.
