{"id":33,"date":"2025-01-30T15:10:05","date_gmt":"2025-01-30T14:10:05","guid":{"rendered":"https:\/\/techstream.getdev.co\/?p=33"},"modified":"2025-01-31T22:35:28","modified_gmt":"2025-01-31T21:35:28","slug":"uber-backed-moove-acquires-brazils-kovi-to-continue-global-expansion","status":"publish","type":"post","link":"https:\/\/techstream.africa\/?p=33","title":{"rendered":"Uber-backed Moove acquires Brazil\u2019s Kovi to continue global expansion\u00a0"},"content":{"rendered":"\n
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Nigerian mobility fintech startup Moove, backed by Uber, has acquired Kovi, a Brazilian car rental startup, in an all-stock transaction. This move strengthens Moove\u2019s presence in Latin <\/strong>America\u2019s <\/strong>largest ride-hailing market and furthers its global expansion, with operations now spanning 19 <\/strong>cities <\/strong>across five continents.<\/p>\n\n\n\n

As part of the deal, Kovi\u2019s investors\u2014including Accel, Spectra Investments, Valor Capital, Prosus Ventures, and Quona Capital\u2014now hold shares in Moove. Kovi had previously raised over $145 million, while Moove has secured around $500 million in debt and equity from investors such as Uber, Mubadala, BlackRock, Franklin Templeton, Janus Henderson, and the International Finance Corporation (IFC). A $100 million Series B round led by Uber valued Moove at $750 million.<\/p>\n\n\n\n

The acquisition aligns with Moove\u2019s AI–<\/strong>driven mobility strategy, which aims to enhance ride-hailing services and fleet management. Kovi\u2019s proprietary technology and algorithms will play a key role in optimizing Moove\u2019s operations. Ladi Delano, Moove\u2019s co-founder and co-CEO, stated that the acquisition will help improve services and products for customers worldwide.<\/p>\n\n\n\n

Following the deal, Moove\u2019s annual revenue has grown to $275 million. The company has been expanding beyond Africa, with operations in Colombia and <\/strong>Mexico, and this acquisition further strengthens its foothold in Latin America. Moove\u2019s fleet has expanded to 36,000 vehicles operating globally, with the goal of building the largest ride-share fleet outside Africa.<\/p>\n\n\n\n

Kovi CEO Adhemar Milani Neto expressed confidence in the partnership, stating that the two companies share a purpose-driven approach and will leverage their combined scale and expertise to become a global category leader in mobility.<\/p>\n\n\n\n

Source: TechCabal<\/strong><\/p>\n\n\n\n

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Uber-backed Moove acquires Brazil\u2019s Kovi to continue global expansion\u00a0<\/a><\/blockquote>