LatamList – Kavak, a used car marketplace, raised a $485M Series D funding round which takes the startup’s total valuation to $4B. The round was led by D1 Capital Partners, Founders Fund, Ribbit and BOND.
Kavak is an online marketplace for used cars that aims to bring transparency and security to the market. The company buys used cars, refurbishes them, and then resells them on to customers with secure warranties.
The company became Mexico’s first unicorn late last year, and recently soft-launched into Brazil with a Portuguese app and website. Kavak will complete the launch in the next few months.
Kavak also offers its own financing through its fintech arm, Kavak Capital, and has a large network of logistics and reconditioning hubs throughout Mexico and Argentina.
“When you’re building businesses here you need to build several because so many things are broken,” said Carlos Garcia Ottati, CEO and co-founder of Kavak.
The new funding takes Kavak to one of the top five highest-valued startups in Latin America. The company has suggested it is also looking at other major emerging markets but declined to name them.
Read more on TechCrunch.
Learn more about Kavak in episode 14 of the WeXchange podcast.
