Brazilian Mobility Startup Kovi Raises $30M Series A From Global Investors
Kovi is an essential-services provider for on-demand workers in emerging markets, initially facilitating car access and reducing total OPEX for ride-sharing drivers in São Paulo, Uber's #1 global market in ride volume. In Latin America, on-demand workers (e.g. ride hailing, food delivery drivers) make 3x+ the minimum wage but face the initial challenge of extremely high individual car ownership costs, due to a less than 20% car penetration.
Kovi’s asset-light business model consists of renting cars from manufacturers and leasing companies, and then subleasing them to drivers. Kovi will offer loans, insurance, and other vital services, while developing best-in-class risk, payments, and fleet management solutions. Kovi is founded by former Didi Chuxing's leaders in Brazil, Adhemar Milani Neto (ex-GM) and Joao Costa (ex-CPO). Kovi has raised capital from Monashees (backers of 99, Rappi, Grow Mobility), Y Combinator, Soma Capital, GFC, L2 Ventures, OneVC, Maya Capital. Investors also include prominent angels, including co-founders of 99 (sold to Didi Chuxing), iFood, Grow, GymPass, and individual partners from the car manufacturing industry.