Moove, a Nigeria-founded mobility startup backed by Uber, has acquired Brazil-based Kovi, an urban mobility provider, as it looks to grow its presence in Latin America.
Terms of the deal were not disclosed.
In March 2024 Moove raised a $100 million Series B round from a group of investors that included Uber, at a valuation of $750 million.
Moove offers vehicles for drivers that want to offer ride-hailing or delivery services — and it provides financing to help those drivers afford the purchase. The company launched in Nigeria in 2020 and is now headquartered in Dubai, with operations in 19 cities across six continents and more than 36,000 vehicles in its fleet.
Kovi, founded in 2018, offers a similar financing model to drivers there.
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"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,” said Ladi Delano, co-founder and co-CEO of Moove.
“Kovi's proprietary IoT [internet of things] software and advanced driver behavior models complement our existing capabilities, supporting our focus on safety, efficiency and innovation in AI mobility.”
Adhemar Milani Neto, CEO of Kovi, said that the pairing signals a new chapter in mobility.
“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 is also a perfect match to our culture,” he said of Moove. “Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across Latam now with robustness with such strong partners.”
In December Moove announced a partnership with Waymo. Moove will handle the management and dispatch of Waymo's fully autonomous fleet beginning in Phoenix this year and expanding to Miami in 2026.