Kavak, a Mexico-based e-commerce platform for buying and selling pre-owned cars, has raised $485 million through its Series D investment round, which was reportedly led by D1 Capital Partners, Founders Fund, Ribbit, and BOND. According to TechCrunch, the latest investment round brings Kavak’s total capital raised to $900 million and its valuation to $4 billion.
Founded in 2016, Kavak claims to be the number. 1 e-commerce for the purchase and sale of pre-owned cars in Latin America.
“We are renewing the Latin America used car buying and selling market by offering a transparent, efficient and safe model. Through our online platform we provide an incredible experience to each client, with the best prices in the market and the comfort of not having to leave home. In addition, all KAVAK cars go through a 240-point inspection to ensure that they are in perfect condition.”
Kavak also offers its own financing through its fintech arm, Kavak Capital. TechCrunch noted that Kavak has more than 2,500 employees and 20 logistics and reconditioning hubs in Mexico and Argentina.
Carlos García Ottati, Kavak’s CEO and Co-Founder, revealed to TechCrunch that the company is now planning to do a full launch in Brazil within the next two months, with a goal to see Kavak in markets outside Latin America in the next 24 months.
“We were built to solve emerging market problems.”
Funds from the Series D round will be used to build out the Brazilian market and beyond.