African-born vehicle financing company Moove has announced its acquisition of Kovi, a leading Brazilian urban mobility provider, in an all-share transaction. This strategic move strengthens Moove’s position in Latin America’s mobility market and advances its goal of building the world’s largest ride-hailing fleet.
Founded in 2020 in Lagos, Nigeria, with just 76 vehicles, Moove has experienced remarkable growth, now operating 36,000 vehicles across 19 cities on six continents. The company, backed by Uber, has established itself as a key player in providing vehicle financing solutions for ride-hailing and delivery app drivers.
“We have not just entered or strengthened our presence in the Latin American market,” said Ladi Delano, Moove’s co-founder and co-CEO, “but also put ourselves in a top-two position in Brazil through this acquisition.”
Kovi, founded in 2018, brings significant technological capabilities to Moove, including its IoT-based fleet management system and advanced driver behavior algorithm. The Brazilian company demonstrated strong performance before the acquisition, securing a $104 million Series B round in 2021 and reporting $45 million in annual revenue with consistent monthly growth.
The acquisition has doubled Moove’s annual revenue to $275 million, up from $115 million the previous year. The company’s expansion extends beyond traditional ride-sharing into autonomous vehicles through a partnership with Waymo, Alphabet’s self-driving car unit, to provide fleet operations in Phoenix and Miami.
Moove’s impressive growth has been supported by over $500 million in debt and equity funding from prominent investors including Uber, Mubadala, BlackRock, Franklin Templeton, and the International Finance Corporation (World Bank). While the financial details of the Kovi acquisition remain undisclosed, the all-share transaction structure means Kovi’s investors now hold shares in Moove.
This acquisition not only consolidates Moove’s presence in Latin America’s largest ride-hail market but also accelerates its vision of transforming urban mobility worldwide through innovative financing solutions and technology-driven fleet management.
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