Used Car Unicorn Kavak is now the 2nd most valuable Latin startup

The Mexican startup Kavak announced this Wednesday (17) an investment of US$ 157 million (R$ 3.6 billion) in series E-type investment rounds, that precede a possible listing of the company on the Stock Exchange. The fundraising was led by the venture capital company General Catalyst (which has already invested in Airbnb and Instacart, among others). Other participating funds were Tiger, Spruce House, D1, SEA, Founders Fund, Ribbit and SoftBank.

  • Mexican used car startup arrives in Brazil and wants to invest R$ 2.5 billion
  • Sales of used InstaCarro receives an investment of R$ 119 mi and aim for digital expansion
  • Seven Brazilian startups are in Top of Latin unicorns; Nubank leads
  • According to the Infomoney website, the new investment raised the market value of Kavak to US$ 8.7 billion (R $30,7 billion). As a result, it became the second most valuable startup in Latin America, according to consulting firm CB Insights. The first place in the region is still the Brazilian fintech Nubank, which is worth more than US$ 22 billion (R $157,8 billion).

    The Mexican company has an application (Android | iOS) of buying and selling used cars with a two-year warranty. The startup inspects up to 119 parts to prove the quality of the vehicle. In addition to its home country, it operates in Brazil and Argentina and should expand into new markets after the last investment.

    Want to catch up on the best tech news of the day? Go and subscribe to our new channel on youtube, Canaltech News.

    Every day a summary of the main news in the tech world for you!

    Image: Disclosure/Kavak

    Currently on the company’s website there are more than 3,000 results of cars for sale, with prices starting from of R$ thousand. For someone to sell their car on the platform, it is necessary to inform basic data such as year, model and version, color and approximate mileage; choose the best price offer; and schedule a vehicle inspection, which will be free and can be done at home at work or at Kavak’s work stations. Some of the criteria are cars made from 2010, with less than 30 thousand kilometers traveled and that worked for approximately 20 thousand kilometers per year.

    “During the pandemic, there was an accelerated adoption of consumers to digital or hybrid experiences. At the same time, the car market is experiencing a lack of supply to meet an excess demand. Consumers have sought even more used and used cars, but there is still not much inventory to provide vehicle warranty and transaction security. We’re being aggressive to capture the opportunity,” co-founder Roger Laughlin Carvalho told Infomoney.

    Source: Infomoney

    Did you like this article?

    Subscribe your email on Canaltech to receive daily updates with the latest news from the world of technology.

    2010 507399

    507399 2010

    Related Articles

    Back to top button