| Kavak | |
| Type: | Private |
| Industry: | E-commerce |
| Key People: | Carlos García Ottati |
| Products: | used cars |
| Founded: | 2016 |
| Hq Location City: | Mexico City |
| Hq Location Country: | Mexico |
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. 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. 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. 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. Investors included Sea, SoftBank, Peter Thiel's Founders Fund, Tiger Global and others.[6]