# Kovi Tecnologia Ltda.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/kovi-tecnologia-ltda

- Industry: Transportation Services
- Headquarters: Sao Paulo, Brazil
- Website: www.kovi.com.br
- Total disclosed funding: $145M
- Latest round: Series B (Aug 18, 2021)
- Investors on record: 12

## About

Based in Sao Paulo, Brazil, Kovi Tecnologia Ltda. was founded in 2018 by co-founders Adhemar Milani Neto and Joao Costa. The company is a developer of a ridesharing and delivery driver-focused online automobile rental network. In August 2021, Kovi Tecnologia Ltda. raised USD 104 million in series B funding by investors Prosus and Valor Capital Group, Norte Ventures, Pipo Saúde Tecnologia Consultoria E Corretagem De Seguros Sa, UVC Investimentos, Broadhaven Capital Partners, Global Founders Capital, Monashees Capital and Quona Capital. In January 2025, Moove Vehicle Limited, a portfolio company of DCM Ventures, Janus Henderson Emerging Markets Private Investments, Africinvest, Speedinvest, Tekton Ventures, Emso Asset Management, FJ Labs, LocalGlobe, Palm Drive Capital, Clocktower Technology Ventures, MUFG Innovation Partners, Class 5, Kepple Africa Ventures, Left Lane Capital, Spartech Ventures, thelatest.ventures, and Uber Ltd fully acquired Kovi Tecnologia Ltda. for an undisclosed amount. Completion is subject to customary closing conditions.

By collaborating with manufacturers and traditional vehicle rental businesses while delivering an online on-demand rental platform, the company works on an asset-light strategy, allowing customers to enjoy flexible, convenient, and cost-effective travel and commutes.

The company generates revenue by charging customers a fee for renting a car per week. The company's ARR (annual recurring revenue) as of 2021 is at USD 45 million and rising at least 15% month over month.

The company plans to add 20,000 cars by the end of 2021. The funding in August 2021 will be used to expand its service to new cities in Latin America and double down on existing operations in Brazil and Mexico and will also go toward technology development. Kovi intends to invest part of its new funds in the development of new financial services and products. The firm also intends to expand its 700 person workforce by adding developers, software engineers, and data scientists.

## Funding rounds

- Series B, Aug 18, 2021, $104M — Monashees, Broadhaven Capital Partners, Valor Capital Group, Global Founders Capital, Quona Capital, Prosus Ventures, Norte Ventures, Pipo Saúde Tecnologia Consultoria E Corretagem De Seguros Sa, UVC Investimentos
- Series A, Nov 5, 2019, $30M — Monashees, Y Combinator, Broadhaven Capital Partners, Global Founders Capital, Maya Capital, Quona Capital, ONEVC
- Seed, May 15, 2019, $11M — Monashees, Maya Capital, ONEVC

## Investors

- Monashees (https://capitalatlas.ai/funds/monashees) — Seed, Series A, Series B
- Maya Capital — Seed, Series A
- ONEVC (https://capitalatlas.ai/funds/onevc) — Seed, Series A
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Series A
- Broadhaven Capital Partners (https://capitalatlas.ai/funds/broadhaven-capital-partners) — Series A, Series B
- Global Founders Capital (https://capitalatlas.ai/funds/global-founders-capital) — Series A, Series B
- Quona Capital (https://capitalatlas.ai/funds/quona-capital) — Series A, Series B
- Valor Capital Group (https://capitalatlas.ai/funds/valor-capital-group) — Series B
- Prosus Ventures (https://capitalatlas.ai/funds/prosus-ventures) — Series B
- Norte Ventures (https://capitalatlas.ai/funds/norte-ventures) — Series B
- Pipo Saúde Tecnologia Consultoria E Corretagem De Seguros Sa — Series B
- UVC Investimentos — Series B