Report: Moove to Raise $1.2 Billion Ahead of Expansion in US

African ride-hailing startup Moove is reportedly within weeks of finalizing an oversubscribed debt round in which it will raise $1.2 billion.

The company will use the funding to roll out a fleet of autonomous vehicles with Waymo and expand in the U.S., Bloomberg reported Wednesday (July 2), citing unnamed sources.

Asked about the report by Bloomberg, Moove Co-Founder Ladi Delano said: “While we can’t discuss the specifics of any ongoing fundraising, Moove has built strong relationships with some of the world’s leading lenders.

“We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment,” Delano told Bloomberg.

According to the unnamed sources cited in the report, Moove plans to roll out a fleet of company-owned autonomous vehicles in the U.S. and has generated revenues of $400 million so far this year compared with $275 million in 2024.

Moove announced in December that it partnered with Waymo and would manage and dispatch Waymo’s autonomous fleet, beginning in Phoenix in 2025 and expanding into Miami in 2026.

Under the agreement, Moove will handle fleet operations, facilities and charging infrastructure while Waymo will validate and operate its autonomous driving technology, the companies said at the time in a press release.

Moove raised $100 million in a March 2024 Series B funding round that included new investment from Uber and valued Moove at $750 million. The company said in a press release that the round brought its total equity funding to $250 million and its debt funding to $210 million.

In January, Moove acquired Brazil-based urban mobility provider Kovi to expand its footprint in Latin America.

Moove said the acquisition would add Kovi’s fleets in Brazil and Mexico and its proprietary software and driver behavior algorithm to Moove’s fleet and technologies that power mobility platforms.

The company added that the deal would expand Moove’s global fleet to 36,000 vehicles and its global presence to 19 cities on six continents.

Delano said Kovi’s technology would support Moove’s focus on “safety, efficiency and innovation in AI mobility.”