Exclusive-Mexico's Kavak says new funds make it second-most valuable LatAm startup
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By Cassandra Garrison
MEXICO CITY (Reuters) - Mexican used-car platform Kavak said it has more than doubled its valuation to $8.7 billion based on its latest funding round, making it the second-most valuable startup in Latin America as it eyes further expansion beyond its home market.
Kavak's chief executive, Carlos Garcia, told Reuters the Mexico City-based firm netted $700 million in its Series E round, making the platform second only to Brazilian fintech Nubank among the highest-valued startups in the region. (https://www.reuters.com/business/finance/buffett-backed-nubank-seek-ipo-valuation-over-554-bln-sources-2021-08-25)
The injection of capital has delivered a boost to Kavak's plans to expand outside the region as a one-stop shop for browsing, purchasing and financing pre-owned cars via an app.
Kavak said funding was led by U.S. venture capital firm General Catalyst, while SoftBank Group Corp, billionaire ...Read More on Datafloq
Sept. 22, 2021, 6 a.m.