LatAm List – Volanty, a Brazilian digital used car platform recently received $17.6M (R$70M) from Japanese tech giant, SoftBank, and Argentine venture capital firm, Kaszek Ventures. Recurring investors Monashees Capital and Canary also participated in this round. It is estimated that the second-hand car market has a turnover of $99B (R$400B) a year.
Founded in 2017, Volanty allows buyers and sellers of used cars to interact online. This funding aims to tap into Brazil’s growing used car industry and expand into other cities, including Sao Paulo where new appraisal centres are to be opened.
Last year, Monashees and Canary invested in $4.7M (R$19M) in Volanty after having already invested $620K (R$2.5M) in the company in 2017.
“We will have hundreds of centers around the country in the coming years,” said Mauricio Feldman, Volanty’s co-founder and CEO.
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