Kavak, a Mexican car marketplace, announced a $700M Series E that more than doubles the company’s valuation to $8.7B. The round was led by General Catalyst with participation from Tiger Global, Ribbit Capital, SoftBank, and others.
Kavak’s used car marketplace brings transparency, security, and greater access to car ownership. The platform offers its own financing alongside a network of logistics hubs to optimize business flow.
The funding round comes just five months after the company raised a $485M Series D. With this new investment, Kavak is now the second most valuable startup in Latin America after the Brazilian fintech NuBank.
In the past year, the platform has grown exponentially from 300 to more than 5,000 employees now operating 40 reconditioning hubs across Mexico, Brazil, and Argentina.
“What excited me about this raise is the reflection of Kavak’s ambition and what we want to build, and less so about the need,” said García Ottati, founder and CEO of Kavak. “It’s going to allow us to think long term and build a truly generational company.”
Kavak now plans to continue expansion across Latin America and potentially also other global markets.
Read more on TechCrunch.
