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§ Private Profile · São Paulo, Brazil
All-inclusive car subscription service providing flexible vehicle leases for ride-sharing drivers and on-demand workers in Brazil.
Kovi, based in São Paulo, Brazil, provides an all-inclusive car subscription service designed for on-demand workers, making car access more flexible and simple. The company operates an asset-light model, leasing vehicles from manufacturers and then subleasing them to drivers, primarily targeting ride-sharing workers in emerging markets like São Paulo and Porto Alegre. Kovi reported 890 employees and generated $409.9 million in revenue, demonstrating significant scale. The company secured a $30 million Series A round in 2020 led by Global Founders Capital, contributing to its total funding of $40.6 million, and experienced 68% monthly growth as of that year. Other notable investors include Monashees, Y Combinator, Quona Capital, and Justin Mateen, a co-founder of Tinder. Kovi was founded in 2018 by Adhemar Milani Neto and João Costa.
Kovi has raised $141.0M across 3 funding rounds.
Key people at Kovi.
Kovi was founded in 2018 by ADHEMAR MILANI NETO (Founder).
Kovi has raised $141.0M in total across 3 funding rounds.
Kovi has raised $141.0M across 3 funding rounds. Most recently, it raised $100.0M Series B in August 2021.
Key people at Kovi.
Kovi is a São Paulo-based mobility and fintech company founded in 2018 that offers flexible car ownership solutions primarily targeting gig economy drivers and underbanked populations in Latin America. Its platform enables users to rent or subscribe to vehicles on flexible terms without the need for traditional credit approval or long-term commitments, making car access more inclusive, simple, and affordable. Kovi’s product includes connected cars with integrated insurance, maintenance, and 24-hour support, designed to serve ride-hailing drivers and individuals seeking short- to medium-term vehicle access.
For an investment firm, Kovi’s mission is to democratize car ownership through technology and financial innovation, focusing on the automotive and mobility sectors. Its investment philosophy centers on leveraging data science and fintech to disrupt traditional car ownership models, emphasizing inclusivity and operational efficiency. Kovi has had a significant impact on the startup ecosystem by pioneering a scalable, asset-light subscription model that benefits multiple stakeholders—drivers, OEMs, and rideshare platforms—while expanding mobility access in Latin America.
Kovi was founded in 2018 by Adhemar Neto and João Costa, who identified the challenge faced by gig economy workers in Latin America: limited access to reliable vehicles due to high upfront costs and restrictive credit requirements. The idea emerged from the need to provide quick, affordable access to quality cars for drivers who could not or did not want to own vehicles traditionally. Early traction came from partnerships with OEMs like Toyota and Volkswagen, enabling Kovi to operate an asset-light model by subleasing vehicles rather than owning them outright. This approach allowed rapid scaling and adoption among ride-hailing drivers, especially as the on-demand economy grew post-pandemic.
Kovi rides the global mobility-as-a-service (MaaS) and fintech innovation trends, addressing the growing demand for flexible, asset-light vehicle access amid the rise of the gig economy and underbanked consumers. The timing is critical as Latin America experiences rapid urbanization, digital adoption, and a surge in app-based ride-hailing services. Market forces such as the need for economic inclusion, evolving consumer preferences away from ownership, and advances in IoT and data analytics favor Kovi’s model. By integrating connected vehicle technology with financial innovation, Kovi influences the broader ecosystem by setting new standards for vehicle subscription services and enabling more sustainable, scalable urban mobility solutions.
Looking ahead, Kovi’s acquisition by Nigerian mobility fintech Moove in early 2025 positions it for accelerated growth across Latin America and beyond, leveraging Moove’s global fleet and AI-driven mobility strategy. Key trends shaping Kovi’s journey include the expansion of rent-to-own models, electrification of fleets, and deeper integration of financial services tailored to underserved populations. Kovi’s influence is likely to evolve from a regional disruptor to a global leader in flexible vehicle access, driving economic empowerment for mobility entrepreneurs and reshaping car ownership paradigms. Its continued innovation in connected car technology and subscription financing will be pivotal in maintaining competitive advantage and expanding market reach.
Kovi was founded in 2018 by ADHEMAR MILANI NETO (Founder).
Kovi has raised $141.0M in total across 3 funding rounds.
Kovi's investors include Valor Capital Group, Banafsheh Fathieh, Caravela Capital, DGF Investimentos, Goat Capital, Streamlined Ventures, Carlos Julio Garcia, Daniel Kan, Emil Michael, Mauricio Feldman, Pedro De Garay, Rafael Abreu.
