The archive · Money & Fintech · Strategic decision · 2020–2026
Moove: from financing Lagos ride-hail drivers to a $2.1B Dubai robotaxi fleet operator
Nigeria-founded Moove bet gig-driver financing could scale into fleet ownership, then raised $250M at $2.1B to run robotaxis.
Moove
What the business is
Vehicle financing and fleet management for ride-hail and delivery drivers across 14 countries; now also operates autonomous-vehicle fleets for partners like Waymo.
Starting capital：Series C: $250M at a $2.1B valuation (Aug 2026, Mubadala-led); roughly $700M raised in total ($500M+ equity, $180M+ debt).
How it started
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi. The model: Moove buys the car, leases it to a ride-hail driver, and repays itself through a fixed daily cut of earnings — turning car ownership into pay-as-you-earn for people banks would not finance.
What happened
Growth was rapid: by 2026 Moove ran about 42,000 vehicles across 14 countries with roughly 3,300 employees and $420M in annual recurring revenue, having moved headquarters to Dubai and raised a $30M sukuk arranged through Franklin Templeton there in 2022. Its last disclosed valuation was $750M in 2024. In early 2023 it began evaluating autonomous vehicles and struck a deal to run Waymo fleets in Phoenix, Miami, and Las Vegas, with London planned.
How it ended up
Still scaling. In August 2026 Mubadala led a $250M Series C at a $2.1B valuation — one of Africa's three most valuable private tech companies — to buy robotaxis, automate depots, and grow the AV team from about 150 to roughly 500 people.
Background
Moove was founded in Lagos in 2020 by Ladi Delano and Jide Odunsi to solve a simple problem: ride-hail drivers in Africa could not afford vehicles and banks would not lend to them. Its product was revenue-linked financing — Moove bought the car, leased it to the driver, and collected repayment as a fixed daily cut of trip earnings. It launched with 76 vehicles.
By 2026 Moove operated roughly 42,000 vehicles across 14 countries, employed about 3,300 people, and had moved its headquarters to Dubai. It reported $420M in annual recurring revenue and had raised close to $700M, including a $30M sukuk arranged through Franklin Templeton in Dubai in 2022. Its last disclosed valuation was $750M in 2024.
In early 2023 Moove decided the same fleet skills applied to autonomous vehicles — nobody in the AV ecosystem wanted to own, maintain, and orchestrate the cars. It became the fleet operator for Waymo in Phoenix, Miami, and Las Vegas, with London planned, and in August 2026 raised a $250M Series C led by Abu Dhabi's Mubadala at a $2.1B valuation to buy robotaxis and build automated depots.
The round made Moove one of Africa's three most valuable private tech companies and the second-largest African equity raise of 2026. It plans to grow its autonomous workforce from about 150 to roughly 500 people by the end of the year as it expands the robotaxi business beyond its original African ride-hail base.
What has to be true
- Revenue-linked repayment let Moove serve gig drivers banks had written off, creating a lending business with daily visibility into earnings.
- Fleet ownership and operations became an asset that transferred from human ride-hail to autonomous vehicles.
- Moving headquarters to Dubai put Moove next to Gulf capital, which eventually led to Mubadala's Series C.
- Partnering with Waymo early gave it live robotaxi operations before most competitors had any.
What can be applied
Financing and operating ride-hail fleets gave Moove the exact skills robotaxi operators need; a lending wedge became an infrastructure moat.
Aftermath
As of August 2026 Moove is scaling hard: the $250M Series C at a $2.1B valuation funds robotaxi fleet purchases, automated 'lights-out' depots, and roughly 350 new hires. Its human-driven ride-hail business still runs 42,000 vehicles across 14 countries and is expected to reach full profitability in 2026, while autonomous operations are live in Phoenix, Miami, and Las Vegas with London planned next.
Sources
- Moove raises $250M to become the backbone of the robotaxi industry
- Moove becomes Africa's latest unicorn after $250m funding round
- African Fintechs Target the Gulf for Global Growth
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