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Mova Protocol closes $3M seed round

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Brazilian startup Mova Protocol closed a $3M seed round at a $34.5M valuation.

Mova operates a data platform based on real-world urban vehicle usage. Its app collects mileage and driving behavior data through users’ smartphones. The platform validates the data, records it on a blockchain, and converts it into digital assets. Drivers earn points based on vehicle usage and redeem them in Mova’s automotive marketplace.

“The valuation reflects three factors: a live technology product with continuous elematics and anti-fraud validation, projected growth to one million users, and a diversified business model with marketplace and data as the main revenue drivers,” said Antônio Farias, Co-founder and CPO at Mova.

Mova reports 25,280 registered users and has validated more than 121,000 trips. Most users are urban drivers and professionals who rely on their vehicles for work.

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Araceli is a marketer and has been a volunteer and organizer of Hackathons, Startup Weekends, and H/F Community. She's currently PR Manager at Magma Partners, where she helps startups to develop communication strategies in the United States and Latin America.

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