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Valor Capital Group and Prosus Ventures Lead USD104m Series B for Brazilian Rental Car Platform Kovi

18 August 2021

Valor Capital Group and Prosus Ventures led a USD104m Series B for Kovi, a Brazilian subscription-based rental car platform for on-demand drivers, with participation from monashees, GFC, Quona Capital, Broadhaven Ventures, GFC, Norte Ventures, MAYA Capital, PIPO and Globo Ventures. Kovi recently closed a USD20m credit facility. Angels Justin Mateen (Tinder) and Peter Thiel (PayPal) also participated. GFC led a USD30m round and monashees led a USD10.5m round in 2019. Co-founders Adhemar Milani Neto (CEO) and Joao Costa (CTO) are alums of rideshare 99.

(TechCrunch) – We sometimes take for granted that most anyone who wishes to become say, an Uber driver, can do so. But that assumption is a narrow view considering there are many people who would love to earn income in that way but can’t because of lack of car ownership (and all that goes with it) — especially in countries outside of the United States.

In an attempt to remedy that problem, São Paulo-based Kovi was founded in 2018 to give those people access to those opportunities.

Kovi today is announcing it has raised $104 million in a Series B round of funding co-led by Valor Capital Group and Prosus Ventures. Quona, Broadhaven Ventures, GFC, Monashees, UVC Investimentos, PIPO, Norte, Maya Capital and Globo Ventures also participated in the financing, in addition to Tinder co-founder Justin Mateen and PayPal co-founder Peter Thiel through his family office. The round takes Kovi’s total equity raised since inception to about $145 million. The company also recently closed on a $20 million debt facility. It is not yet a unicorn, according to execs, who declined to reveal valuation.

Read more at TechCrunch.