Moove, a five-year-old startup founded in Lagos, is aiming to raise $300 million in funding, potentially pushing its valuation past $1 billion, according to The Information.
Why it matters
The company has expanded from financing Uber drivers in emerging markets to managing fleets of robotaxis in the U.S., positioning itself as a key player in the future of urban mobility.
How it works:
- Moove borrows from banks to buy fleets of cars, then leases them to Uber drivers in Africa, India, and the UK through a “drive-to-own” model.
- Drivers pay for the cars using their earnings and eventually own the vehicles after enough payments.
Zoom out
Moove has taken over fleet operations for Waymo’s electric robotaxis in Phoenix and is set to do the same in Miami in 2026. Tasks include charging, cleaning, and storing the vehicles.
By the numbers:
- $360M: Moove’s current annual revenue, up from $115M a year ago.
- $300M: Amount it’s raising in the new funding round.
- $1B+: Expected valuation after the raise.
Between the lines:
Uber is a backer of Moove, and Alphabet CEO Sundar Pichai recently mentioned Moove as part of Waymo’s “network of partners.”
What’s next
The company plans to grow its U.S. footprint alongside Waymo’s expansion into more cities.
