LatAm List – Kovi, a Brazilian mobility startup raised a $30M Series A led by Global Founders Capital. Quona Capital and previous investors Monashees, Maya Capital, Kevin Efrusy, Y Combinator, Broadhaven Ventures, Justin Mateen, and ONEVC also participated in this round.
Kovi rents cars to on-demand drivers in Latin America that work for ride-hailing companies like Uber, Didi, and Lyft. In Brazil, cars are significantly more expensive than in the US.
The Brazilian startup aims to make quality cars accessible to drivers who cannot afford or do not necessarily want to own a car but would like to work for these companies.
This investment will be used to expand Kovi’s team, increase its fleet, and launch in other cities and countries. It will also work on developing technology aimed at improving “the driver experience while increasing fleet security,” said João Costa, Kovi’s CTO and co-founder.
Fabricio Pettena, Partner at Global Founders Capital, commented that Kovi addresses the problem that there are “basically thousands of gig economy drivers in Latin America and a majority of them have trouble owning and maintaining the asset they need to work.”
He added, “There’s a huge market on the demand side, with companies needing drivers. And on the supply side, there’s literally a waiting line of people wanting cars to drive. Kovi is able to provide that car supply.”
Kovi currently has 110 employees, more than 3K active cars in its fleet, and operates in Sao Paulo, Porto Alegre, and Mexico City.
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