Moove Acquires Brazilian Urban Mobility Provider Kovi
Moove, a mobility fintech backed by Uber and born in Africa, has recently acquired Kovi, a Brazilian urban mobility provider. The deal, valued as an all-share transaction, now makes Kovi a wholly owned entity of Moove. This strategic move has significantly boosted Moove’s annual revenue to $275 million, up from $115 million ARR reported last March.
This acquisition comes on the heels of Moove’s partnership with Waymo to provide driverless vehicle fleet operations in Phoenix and Miami. Moove’s co-founder and co-CEO, Ladi Delano, views the acquisition of Kovi as a crucial step in the company’s journey towards building the world’s largest rideshare fleet. Starting with 76 cars in Lagos, Nigeria, in 2020, Moove now operates 36,000 cars in 19 cities across six continents, with a focus on expanding in Latin America.
Kovi, founded in 2018 and backed by Y Combinator, aimed to make vehicle ownership more accessible in Brazil. The acquisition will allow Kovi to continue operating under its brand in Brazil and Mexico, with plans for further expansion across Latin America. Delano expressed excitement about the collaboration with Kovi, solidifying Moove’s presence in the Latin American market and positioning the company as a major player in Brazil.
Moove’s offerings include vehicle supply to ride-hailing platforms, Drive-to-Own taxi and employment models, and an emerging autonomous vehicle business line driven by AI technology. With the integration of Kovi’s technology and algorithms, Moove aims to enhance its AI mobility strategy and deliver improved services to its customers worldwide.
Despite Kovi’s last known funding round of $104 million in 2021, the all-share transaction with Moove aligns the growth trajectories of both companies. Kovi’s investors now become shareholders in Moove, fostering a united approach towards global expansion and market leadership. Adhemar Milani Neto, CEO of Kovi, expressed confidence in the deal, highlighting the shared values and vision of both companies.
Moove, which raised a $100 million Series B led by Uber last year, has garnered over $500 million in debt and equity from investors like Mubadala, BlackRock, and the IFC. With a focus on driving towards profitability and expanding its ride-hailing fleet, Moove’s future trajectory looks promising.
