Kovi, founded in 2018 and backed by Y Combinator, focuses on making vehicle ownership more accessible in Brazil. It will continue to operate under its brand in Brazil and Mexico, with plans to expand further in Latin America. The acquisition makes Kovi's investors shareholders in Moove, aligning their growth trajectories. Moove, which raised a $100 million Uber-led Series B last year, has secured over $500 million in debt and equity since its launch. The company aims to drive its capex-heavy business to profitability and realize its vision of building the largest ride-hailing fleet globally.
Key takeaways:
- Moove, an Africa-born mobility fintech, has acquired Brazilian urban mobility provider Kovi in an all-share transaction, making Kovi wholly owned by Moove.
- The acquisition increases Moove's annual revenue to $275 million and strengthens its position in Latin America, particularly in Brazil, the region's largest ride-hail market.
- Kovi will continue to operate under its brand in Brazil and Mexico, with plans to expand further across Latin America, while its executive and management teams remain unchanged.
- Moove aims to leverage Kovi's proprietary technology and algorithms to enhance its AI mobility strategy and improve services globally.