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]
| Company type | Private |
|---|---|
| Industry | E-commerce |
| Founded | 2016 |
| Headquarters | , |
Key people | Carlos García Ottati (CEO) |
| Products | used cars |
| Website | www |
History
editKavak 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
edit- ^ a b c "Mexico's Kavak drives away with $700M in new funding, doubling its valuation to $8.7B". TechCrunch. Retrieved 2022-02-04.
- ^ a b "Used Car Startup Kavak Valued at $8.7 Billion in Funding Round". Bloomberg. 22 September 2021. Retrieved 2022-02-04.
- ^ a b "SoftBank-backed used-car startup Kavak becomes first Mexican unicorn". Reuters. 2020-10-01. Retrieved 2022-02-04.
- ^ a b "Mexican used-car startup Kavak hits $4 billion valuation". Reuters. 2021-04-07. Retrieved 2022-02-04.
- ^ "Kavak Boosts its Global Expansion by Investing US$500 Million in Brazil". www.businesswire.com. 2021-07-27. Retrieved 2022-02-04.
- ^ "Sea, SoftBank join round valuing Mexico's Kavak at $8.7b". www.techinasia.com. Retrieved 2022-02-04.
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