Moove has raised $250 million at a $2.1 billion valuation to scale up its autonomous vehicle fleet management business, with plans to eventually own, not just operate, the Waymo robotaxis it currently manages.

Mubadala Investment Company led the Series C round, with Woven Capital and Ion Pacific serving as co-leads. Other backers in the round include BlueCrest Capital Management, Sona Asset Management, The Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.

Moove was founded in 2020 in Nigeria and is now headquartered in Dubai. The company built its original business by providing vehicle financing to gig drivers and operating a human-driven ride-hailing fleet, which it still runs today across 42,000 vehicles in 14 countries with a workforce of 3,300 employees.

Co-founder and co-chief executive Ladi Delano said that experience in financing and operating large driver fleets turned out to be ideal preparation for the company’s move into autonomous vehicles, which began in 2023 after evaluating the industry’s main players: AV developers, vehicle manufacturers, ride-hailing marketplaces, and consumers. Delano said none of those players actually wanted to own the underlying vehicles, along with all the operational responsibilities that come with it, such as maintenance, cleaning, and handling lost property.

Moove is currently the fleet operator for Waymo robotaxis in Phoenix, Miami, and Las Vegas, with plans to extend that role to London. The company does not yet own the Waymo vehicles it operates, but Delano said Moove intends to eventually purchase them using debt financing, without specifying a timeline. Moove already owns robotaxi vehicles from another, undisclosed AV developer.

The new funding will go toward scaling the fleet management business, including hiring roughly 350 new employees, and toward developing automated depots the company calls Nests, which will use robotics to handle vehicle charging, maintenance, and servicing around the clock. Moove currently has about 15 such depots in various stages of development. Delano said the company’s traditional mobility business is on track to reach full profitability this year.