Kavak, the Mexican startup that’s disrupted the used car market in Mexico and Argentina, today announced its Series D of $485 million, which now values the company at $4 billion. This round more than triples their previous valuation of $1.15 billion, which established them as a unicorn just a couple of months ago in October of 2020. Kavak is now one of the top five highest-valued startups in Latin America.

The round was led by D1 Capital Partners, Founders Fund, Ribbit, and BOND, and brings Kavak’s total capital raised to date to more than $900 million. Kavak recently soft-launched in Brazil, and this new round of funding will be used to build out the Brazilian market and beyond, said Carlos García Ottati, Kavak’s CEO and Co-Founder. The company plans to do a full launch in Brazil in the next 60 days, García said, and we can expect to see Kavak in markets outside Latin America in the next 24 months, he added.

“We were built to solve emerging market problems,” García said.

Kavak, which was founded in 2016, is an online marketplace that aims to bring transparency, security, and access to financing to the used car market. The company also offers its own …read more

Source:: TechCrunch

      

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