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Abu Dhabi sovereign wealth fund Mubadala led a USD 250 mn funding round for UAE-headquartered mobility fintech Moove, it said in a press release. The funding round, co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, values Moove at USD 2.1 bn.
Also involved: The round also saw participation from BlackRock, Uber, Franklin Templeton, BlueCrest Capital Management, Sona Capital, MUFG, Left Lane, Square Associates, The Latest Ventures, and the Ontario Power Generation Pension Plan.
Mubadala’s link with Moove isn’t new: Back in 2023, it led Moove’s USD 76 mn equity and debt raise, providing USD 28 mn in equity, and later made a follow-on investment in 2024 as part of a wider USD 100 mn funding round, with Moove setting its sights on global expansion after the raise. The platform was originally founded in Nigeria before moving its HQ to the Emirates following the 2024 funding round.
Moove’s pitch: Founded in 2020 as an emerging-market vehicle financing platform for ride-hail drivers, Moove has evolved into a global fleet operator running 42k vehicles across 29 cities in 13 countries. The UAE was also the first market in which Moove transitioned to a fully electric fleet, resulting in the company providing the most EV trips on Uber in 2023.
Where is the money going? The new capital will fund the company’s autonomous infrastructure division, especially building out hubs where driverless fleets are charged, serviced, and orchestrated. Moove also plans to expand its self-driving vehicle workforce from 150 to 500 by year-end.
Why this matters: Autonomous logistics is gaining traction in the UAE, with the Abu Dhabi Investment Office inking a raft of commercial deployment agreements for autonomous mobility tech last November, including for logistics plays. Moove is also attempting to go beyond focusing on developing driving algorithms to absorb the heavy expenditure required to actually run the autonomous fleets.
ICYMI- Autonomous logistics is picking up pace elsewhere in the emirate: SHIFFT, the Dubai Future Foundation’s joint venture with UK self-driving firm Oxa, is targeting a first commercial rollout of driverless vehicles across the emirate’s ports and airports before the end of 2027.
