Company type | Private |
---|---|
Industry | E-commerce |
Founded | 2016 |
Headquarters | , |
Key people | Carlos García Ottati (CEO) |
Products | used cars |
Website |
www |
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]
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]