On 5 August 2026 Moove, the global fleet operator for mobility platforms, announced a USD 250 million Series C at a USD 2.1 billion valuation, led by Mubadala Investment Company. It matters because the capital goes to autonomous vehicle infrastructure and because the investors include Uber, a client and partner of the company, and institutional managers that rarely enter private mobility rounds.
The transaction
Mubadala led the round; Woven Capital, Toyota’s growth fund, and Ion Pacific were co-leads. BlackRock, MUFG, Franklin Templeton and Uber participated, alongside other investors including BlueCrest Capital Management and Endeavor Catalyst. The instrument is equity; the reported valuation is USD 2.1 billion.
At the announcement, Moove operated about 42,000 vehicles in 29 cities across 13 countries, according to Mubadala, with USD 420 million in annual recurring revenue and 3,300 employees. Proceeds fund the expansion of the autonomous vehicle business: fleet ownership, about 15 robotics-first depots under development for charging, servicing and maintenance, the hiring of some 350 employees and new markets. Moove operates Waymo’s vehicles in Phoenix, Miami and Las Vegas, with London in preparation, and plans to purchase Waymo vehicles with debt financing. In Latin America it is present through the acquisition of Kovi in Brazil; neither source mentions Mexico.
Value drivers
Recurring revenue at scale. USD 420 million in recurring revenue from 42,000 vehicles implies that the human-driven fleet business already sustains the operation. In our reading, a valuation of five times that revenue pays mainly for the option to operate autonomous fleets, not for the current business.
Position as Waymo’s third-party operator. Being Waymo’s fleet operator in three cities makes Moove the infrastructure layer between the technology developer and the demand platform. It is a role that requires capital, depots and continuous operations, hard to replicate for a new entrant.
A syndicate of strategics and patient capital. Mubadala, Woven Capital and Uber bring long-horizon capital and access to vehicles and demand. In our reading, the presence of BlackRock, MUFG and Franklin Templeton lays the groundwork for debt financing on the vehicles, which the company already anticipates.
Robotics depots as an asset. Depots for charging and maintenance are physical infrastructure with long-term contracts, a profile that attracts infrastructure funds and secured lenders.
What the market is signalling
For Mexico, the signal is indirect but relevant: institutional capital values fleet operations as infrastructure, with financeable assets and platform contracts. Mexican fleets that lease vehicles to Uber and DiDi drivers, such as VEMO with its USD 250 million commitment from Vision Ridge Partners in 2025, compete for the same kind of investor, albeit in the electric rather than the autonomous segment. That Moove’s sources do not mention Mexico indicates the country is not in the first phase of the autonomous rollout, which leaves room for local operators.
For lenders, a fleet with platform contracts and telemetry is a financeable asset portfolio in pesos or dollars. For founders, the precedent shows that value migrates to whoever owns and operates the vehicles, and that the scale of recurring revenue, not the number of cities, is what sets the valuation.
G2’s reading for a mandate
A fleet operator in Mexico preparing a round should present recurring revenue per vehicle, utilisation, maintenance cost and residual value with telemetry data, and separate asset financing from expansion capital in the model. The Moove case indicates that institutional investment committees accept high valuations when debt on the vehicles is already planned; a well-structured capital mandate arrives with a debt line or an asset financing term sheet negotiated in parallel.
Sources
- Mubadala, August 2026.
- TechCrunch, 5 August 2026.
- LatamList, 3 September 2025 (VEMO).