Kavak (company)

Last updated
Kavak
Company type Private
Industry E-commerce
Founded2016
Headquarters
Mexico City
,
Mexico
Area served
Argentina, Brasil, Chile, Colombia, Perú, México
Key people
Carlos García Ottati
(CEO)
Productsused cars, car maintenance and sales intermediary
Website www.kavak.com

Kavak is a Mexican company that operates an online marketplace for used cars. With a valuation of $8.7 billion, Kavak was the second most valuable unicorn in Latin America as of September 2021. [1] Kavak is based in Mexico City. [2]

History

Kavak was founded in Mexico in 2016. [1] In August 2020, Kavak launched in Argentina. [3] By October 2020, Kavak became the first unicorn in Mexico when its valuation exceeded one billion US dollars. [3] In January 2021, the company raised $485 million in a financing round, increasing its valuation to $4 billion. [4] In May 2021, Kavak launched its financing arm, Kavak Capital. [4] In July 2021, the company announced its expansion into Brazil. US$500 million will be invested for this purpose. This will be the second foreign market the company enters. [5] In September 2021, the company raised $700 million in another financing round, doubling its valuation to more than $8 billion. [1] [2] Investors included Sea, SoftBank, Peter Thiel's Founders Fund, Tiger Global and others. [6]

References

  1. 1 2 3 "Mexico's Kavak drives away with $700M in new funding, doubling its valuation to $8.7B". TechCrunch. Retrieved 2022-02-04.
  2. 1 2 "Used Car Startup Kavak Valued at $8.7 Billion in Funding Round". Bloomberg. 22 September 2021. Retrieved 2022-02-04.
  3. 1 2 "SoftBank-backed used-car startup Kavak becomes first Mexican unicorn". Reuters. 2020-10-01. Retrieved 2022-02-04.
  4. 1 2 "Mexican used-car startup Kavak hits $4 billion valuation". Reuters. 2021-04-07. Retrieved 2022-02-04.
  5. ↑ "Kavak Boosts its Global Expansion by Investing US$500 Million in Brazil". www.businesswire.com. 2021-07-27. Retrieved 2022-02-04.
  6. ↑ "Sea, SoftBank join round valuing Mexico's Kavak at $8.7b". www.techinasia.com. Retrieved 2022-02-04.


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