Uber-backed Moove valued at $2.1 billion after new funding

LAGOS, Aug. 5 (Reuters) - Uber-backed mobility company Moove said on Wednesday it had raised $250 million in new funding, taking its valuation to $2.1 billion, as it seeks to expand its autonomous vehicle business.

• Founded in Lagos in 2020 with 76 vehicles, Moove has grown into a global ride-hailing fleet operator with around 42,000 vehicles in 13 countries. It said its annual recurring revenue is $420 million.
• The latest funding round was led by Abu Dhabi's Mubadala Investment Company, with support from Toyota's growth fund, among others.
• "The funding will support expansion of Moove's autonomous vehicle business, including fleet ownership and robotics-first depot infrastructure where autonomous fleets are charged, serviced and maintained," the company said in a statement.
• Moove already has backing from Uber and asset managers BlackRock and Franklin Templeton.
• Moove has expanded through organic growth and acquisitions including Kovi in Brazil and Tokyo Taxi in Japan.