Abu Dhabi sovereign investor Mubadala Investment Company has led a $250 million Series C funding round in mobility company Moove, extending a relationship that began three years ago as the UAE-backed company shifts more of its business toward the infrastructure needed to operate autonomous vehicle fleets.
The financing values Moove at $2.1 billion. Woven Capital, Toyota’s growth fund, and investment firm Ion Pacific co-led the round, while BlueCrest Capital Management and Sona Capital joined as new investors. Existing backers include Uber, BlackRock, MUFG and Franklin Templeton.
The investment deepens Mubadala’s involvement with a company whose business has changed considerably since the sovereign investor first backed it. Moove began by financing vehicles for ride-hailing drivers, but its newer strategy extends into autonomous fleet operations, vehicle ownership, charging and maintenance infrastructure. That evolution gives Mubadala exposure not only to mobility financing but also to the physical infrastructure emerging around commercial driverless transportation.
Mubadala Expands Its Backing of Moove
Mubadala first led an investment in Moove in 2023, when a financing package including $28 million in equity helped value the company at about $550 million. The sovereign investor returned the following year as a participant in a $100 million Series B led by Uber, which increased Moove’s valuation to $750 million.
The latest valuation of $2.1 billion is nearly three times the $750 million valuation disclosed with the 2024 financing.
Moove has also expanded significantly between those funding rounds. The company says it now operates approximately 42,000 vehicles across 29 cities in 13 countries, employs about 3,300 people and has reached $420 million in annual recurring revenue. Its expansion has included acquisitions such as Brazilian mobility company Kovi, alongside broader growth across its vehicle financing and mobility operations.
Moove Expands Its Focus on Autonomous Fleets
A significant portion of the new capital is intended for Moove’s autonomous vehicle operations, including fleet ownership and a network of specialized depots the company calls “Nests.” These facilities are designed to handle functions including charging, servicing, maintenance and fleet coordination. Moove also plans to use the financing for additional market launches and expects its autonomous vehicle workforce to increase from about 150 employees to roughly 500 by the end of 2026.
The strategy builds on Moove’s relationship with Alphabet-owned Waymo. Waymo announced its partnership with Moove in December 2024, initially assigning the company responsibility for fleet operations, facilities and charging infrastructure in Phoenix, followed by Miami. Waymo retained responsibility for its autonomous-driving system and operation of the Waymo Driver. Waymo’s current corporate information continues to identify Moove among the companies supporting its U.S. fleet operations.
London is expected to extend that relationship outside the United States. Waymo said in October 2025 that it planned to introduce fully autonomous ride-hailing in London in 2026 and would work with Moove on fleet operations while seeking the necessary regulatory approvals. The arrangement illustrates where Moove is positioning itself in the autonomous-vehicle supply chain: rather than developing the self-driving software itself, it is focusing on the capital, facilities and operational systems required to keep commercial fleets running.
Investment Adds to Mubadala’s Technology Portfolio
Mubadala described the investment partly in the context of economic diversification and the UAE’s ambitions in advanced technology. Ali Eid AlMheiri, executive director of diversified assets at Mubadala’s UAE Investments Platform, said infrastructure would become increasingly important as autonomous mobility moves from technological development toward larger deployments.
The transaction also sits within a much larger portfolio. Mubadala reported $385 billion (AED 1.414 trillion) in assets under management for 2025, up 17% from the previous year. The sovereign investor deployed about $39 billion (AED 143 billion) during the year. Its portfolio spans private and public markets, real estate and infrastructure, alternatives and credit, giving the Moove investment a relatively small financial weight within Mubadala but a clearer connection to its technology and infrastructure themes.
Mubadala’s continued backing also comes as investment in autonomous transportation spreads beyond the companies developing self-driving software. The commercial deployment of robotaxis requires vehicles, depots, charging capacity, maintenance and local fleet management alongside the autonomous-driving technology itself. Moove is betting that those operational requirements can become a business in their own right. The $250 million round gives it additional capital to test that proposition across more markets, while giving Mubadala a larger role in financing the infrastructure layer surrounding the emerging autonomous-mobility sector.
