Startup Lagos

26-Feb-2025

Startup Raises

Moove Expands Latin American Presence with Acquisition of Brazilian Startup Kovi 2 months ago

Nigerian mobility startup Moove has successfully acquired Brazilian car rental company Kovi in an all-share transaction, marking a strategic move to enhance its operations in Latin America. This acquisition follows Moove's recent expansion into Mexico in October 2024, further solidifying its presence in the region.

Ladi Delano, Co-founder and CEO of Moove, emphasized the significance of this deal, stating, "This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy. Kovi's proprietary IoT software and advanced driver behavior models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in AI mobility."

Founded in 2018 by former executives from 99, Kovi emerged from Y Combinator's W19 batch with a mission to facilitate car rentals for ride-hailing services. Over the years, Kovi has diversified its offerings to support food delivery workers as well. The startup recently secured $104 million in a Series B funding round, attracting investments from notable firms such as Valor Capital Group, Prosus Ventures, Quona, Broadhaven Ventures, GFC, Monashees, UVC Investimentos, PIPO, Norte, Maya Capital, and Globo Ventures. At that time, Kovi boasted a network of over 11,000 drivers operating in Brazil and Mexico.

With this acquisition, Moove's fleet will expand to a total of 36,000 vehicles and extend its operations to 19 cities across Latin America. Importantly, Kovi will maintain its brand identity, and the existing management team will remain in place to ensure continuity.

Adhemar Milani Neto, CEO of Kovi, reflected on the partnership, saying, "I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which aligns perfectly with our culture. Together, I believe we will become a truly global category-defining business and leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across Latin America with such strong partners."

The acquisition not only increases the size of Moove's fleet but also elevates its annual revenues to $275 million. Last year, Moove raised $100 million in a funding round led by Uber and subsequently announced a partnership with Waymo to manage its fleet of autonomous vehicles in Phoenix and Miami.

As Moove continues to expand its footprint in the Latin American mobility market, the integration of Kovi's innovative solutions and expertise is expected to enhance its service offerings and drive further growth in the region.

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