LAGOS: Uber-backed mobility company Moove said on Wednesday it had raised US$250 million in new funding, taking its valuation to US$2.1 billion, as it seeks to expand its autonomous vehicle business.
Founded in Lagos in 2020 with 76 vehicles, Moove has grown into a global ride-hailing fleet operator with around 42,000 vehicles in 13 countries.
It said its annual recurring revenue is US$420 million.
The latest funding 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.
Moove already has backing from Uber and asset managers BlackRock and Franklin Templeton.
Moove has expanded through organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.
