Mobility startup Moove is reportedly in advanced talks to raise $300 million in new capital, a move that could push the Uber-backed company’s valuation beyond $1 billion and position it among Africa’s rare unicorns. This latest fundraising effort, if successful, will mark a significant leap in Moove’s evolution from a regional vehicle financing startup into a global player in sustainable mobility and fleet infrastructure.
The funding news follows Moove’s January acquisition of Brazil’s Kovi, a strategic move that signaled its expansion beyond African markets and reinforced its ambition to be a global enabler of urban transport. Sources close to the matter, as cited by The Information, suggest the new capital injection will strengthen Moove’s fleet management capabilities and support its growing footprint in the United States and other mature markets.
Founded to provide vehicle financing for ride-hailing drivers, Moove has rapidly grown into a mobility infrastructure firm. Over the past year, its annual revenue has surged from $115 million to $360 million, driven largely by its core business in vehicle financing and an expanding suite of fleet services, especially in the U.S. market.
Now, the company is deepening its involvement in the autonomous vehicle (AV) space. It has begun managing fleet operations—such as charging, cleaning, and depot storage—for Waymo, the self-driving subsidiary of Google’s parent company Alphabet, in cities like Phoenix and Miami.
“Our current agreement with Waymo is limited to fleet management,” said Moove’s co-founder and Co-CEO, Ladi Delano. “But we’re preparing to go further—acquiring AVs, leasing them out, and overseeing the full spectrum of operations.”
This signals a shift in Moove’s model, aligning with its “drive-to-own” vision, but adapted to an autonomous future. The company sees an opportunity for today’s ride-hailing drivers to become operators of AV fleets tomorrow, with Moove owning the ecosystem—from acquisition to maintenance.
To date, Moove has raised over $750 million in combined debt and equity financing. Uber remains a major backer with over 10 percent ownership, alongside support from institutional investors like the Abu Dhabi-based Mubadala Investment Company.
Moove has expanded its vehicle financing operations across Africa, India, and the UK, and is now navigating complex regulatory environments in the U.S., where it has made over 90 new hires this year. Its global team now exceeds 2,100 staff.
The company’s strategy underscores a broader shift in the transport landscape: as firms like Waymo develop the underlying AV technology, Moove is betting that operational readiness—ensuring fleets are clean, charged, roadworthy, and well-managed, will define leadership in the next phase of mobility.
With fresh capital and strategic partnerships in play, Moove is not only eyeing unicorn status but also positioning itself as a central force in the future of global autonomous transport.
