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Deepti Sri · · 1 min readSea, SoftBank join round valuing Mexico’s Kavak at $8.7b
“Kavak, a Mexico City-based startup that operates a pre-owned car marketplace in Latin America, announced today that it has raised a massive US$700 million in a series E round that more than doubles the company’s valuation to US$8.7 billion,” TechCrunch reported.
Details:
- The latest financing round was led by General Catalyst. Singapore-based gaming major Sea, SoftBank, Peter Thiel’s Founders Fund, Tiger Global, Spruce House, hedge fund D1, and Ribbit Capital also took part in the round.
- Kavak aims to begin operations in newer emerging markets over the next 12 months and ramp up hiring, particularly in its engineering and product teams.
Dive deeper:
- The fundraise comes just months after Kavak raised US$485 million, which had boosted its valuation to about US$4 billion. The company became Mexico’s first unicorn after a capital raise in October 2020.
- Kavak has been doubling its revenue every three to five months, according to CEO Carlos García Ottati. Over the last 14 months, it has also hired a total of over 5,000 employees in Latin America, up from 300 earlier.
Editing by Miguel Cordon and Arpit Nayak
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