JBS makes an omelet and Uber-backed mobility fintech Moove acquires Brazil’s Kovi
A fast drop about two important Brazilian deals
JBS acquires 50% of Mantiqueira and enters the egg category.
This is huge. Why?
JBS is the biggest animal protein company of the world. Mantiqueira Brazil produces 4 billion eggs per year and exports to South America, Asia, Africa and the Middle East. It is the largest egg producer in South America.
With this new deal, backed now by JBS group, Mantiqueira can be the most important egg producer in the world. JBS is not diversifying its portfolio only, as we know. It's a path to a total dominance in the protein business.
I had an opportunity to see one of the Mantiqueira's farms once. It's impressive!
Moove acquires Brazil’s Kovi
The mobility startup Kovi has been acquired by Uber-backed fintech Moove in a share swap transaction. The value of the deal is not being disclosed. Moove confirmed it was an all-share transaction, and Kovi is now wholly owned by Moove.
Kovi was founded in Sao Paulo in 2018 and is one of the leading platforms to rent cars to Brazilian app drivers. Moove is a mobility fintech that provides revenue-based vehicle financing to mobility entrepreneurs founded ion 2020 in Lagos, Nigeria.
Ladi Delano, Moove's CEO told to TechCrunch that the new company bumps the revenue to U$275 million.
According to Neofeed's portal, the deal was not an “excellent deal” for Kovi, because the valuation steps down, in comparison with the last funding rounds of the company.
Mobility and logistics are together a huge opportunity to invest in Brazil in these times.