In a bold bid to expand its global footprint, Nigerian mobility fintech startup Moove has acquired Kovi, a Brazilian car rental startup. This strategic move marks a significant milestone in Moove’s journey, as it continues to revolutionize the ride-hailing industry.
The all-stock transaction not only expands Moove’s presence in Latin America but also brings Kovi’s investors on board as shareholders.
Kovi’s impressive investor portfolio includes Accel, Spectra Investments, and Valor Capital, among others, who have invested over $145 million in the company.
Moove, which has raised around $500 million in debt and equity from investors like Uber, Mubadala, and BlackRock, is valued at $750 million following an Uber-led Series B funding round. This acquisition is a testament to Moove’s commitment to growth and innovation.
But what makes this deal truly exciting is the potential for Moove’s AI mobility strategy to take center stage. By leveraging Kovi’s proprietary technology and algorithms, Moove aims to optimize its ride-hailing services, improve fleet management, and deliver an enhanced customer experience.
“We’re thrilled to welcome Kovi to the Moove family,” said Ladi Delano, Moove’s co-founder and co-CEO. “Their technology and expertise will complement our existing AI mobility strategy, enabling us to provide better services to our customers worldwide.”
This acquisition is a win-win for both companies. Moove’s annual revenue is expected to jump to $275 million, while Kovi’s CEO, Adhemar Milani Neto, believes the partnership will create a “truly global category-defining business.”
With Moove’s fleet now boasting 36,000 cars operating in 19 cities across five continents, the company is poised to become the world’s largest ride-share fleet outside of Africa. The future of mobility looks bright, and Moove is leading the charge!
