Moove Looks to Expand to US With Waymo Fleet
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African ride-hailing startup Moove is close to raising $1.2 billion in a debt round that will help it finance a rollout of an autonomous-driving fleet with Alphabet Inc.’s Waymo and expand in the U.S., people familiar with the matter said.
The round is oversubscribed, with interest from private credit firms and banks, and will be finalized in the coming weeks, said the people, who asked not to be identified because the information is still private.
“While we can’t discuss the specifics of any ongoing fundraising, Moove has built strong relationships with some of the world’s leading lenders,” Ladi Delano, one of the Nigerian startup’s founders, said in response to Bloomberg questions about the funding. “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.”
A representative for Waymo didn’t immediately respond to a request for comment.
Moove partnered with Waymo in December 2024. (PR Newswire)
Delano founded the company with Jide Odunsi in 2020, initially focused on financing vehicles for ride-hailing drivers in large African markets. It attracted high-profile backers including Uber Technologies Inc. In December 2024, Moove agreed an initial partnership with Waymo, which provides self-driving technology for cars and taxis.
Moove’s next step in the autonomous vehicles business will be rolling out its first autonomous fleet in the U.S., which it will own and manage, said the people. Moove operates in more than a dozen markets, including the United Arab Emirates, Mexico and India. The company has one of the largest ride-hailing fleets, with 38,000 cars on its platform, said the people.
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Moove was founded in Nigeria, Africa’s most populous country and the home of other breakout startups including Flutterwave, Moniepoint and Interswitch. Africa’s young, tech-savvy population is growing quickly and becoming an increasingly attractive market for services like digital banking, ride-hailing and streaming entertainment, which can bridge gaps in traditional infrastructure.
The company has already rapidly increased its revenues to nearly $400 million so far this year from $275 million in 2024, the people said. That growth has allowed Moove to repay about $100 million of loans, they said.
