Kavak is a

Mexican Mexican may refer to: Mexico and its culture *Being related to, from, or connected to the country of Mexico, in North America ** People *** Mexicans, inhabitants of the country Mexico and their descendants *** Mexica, ancient indigenous people ...

company that operates an

online marketplace An online marketplace (or online e-commerce marketplace) is a type of e-commerce website where product or service information is provided by multiple third parties. Online marketplaces are the primary type of multichannel ecommerce and can be a way ...

for

used cars ''Used Cars'' is a 1980 American satirical black comedy film co-written and directed by Robert Zemeckis. The story follows Rudy Russo (Kurt Russell), a devious salesman, working for affable, but monumentally unsuccessful used-car dealer Luke Fuc ...

. With a valuation of $8.7 billion, Kavak was the second most valuable

unicorn The unicorn is a legendary creature that has been described since antiquity as a beast with a single large, pointed, spiraling horn projecting from its forehead. In European literature and art, the unicorn has for the last thousand years o ...

Latin America Latin America or * french: Amérique Latine, link=no * ht, Amerik Latin, link=no * pt, América Latina, link=no, name=a, sometimes referred to as LatAm is a large cultural region in the Americas where Romance languages — languages derived f ...

as of September 2021. Kavak is based in

Mexico City Mexico City ( es, link=no, Ciudad de México, ; abbr.: CDMX; Nahuatl: ''Altepetl Mexico'') is the capital and largest city of Mexico, and the most populous city in North America. One of the world's alpha cities, it is located in the Valley o ...

History

*Kavak was founded in Mexico in 2016. *In August 2020 Kavak launched in

Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, th ...

. *In 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. *In May 2021, Kavak launched its financing arm, Kavak Capital. *In July 2021, the company announced its expansion into

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

. US$500 million will be invested for this purpose. This will be the second foreign market the company enters. *In September 2021, the company raised $700 million in another financing round, doubling its valuation to more than $8 billion. Investors included

Sea The sea, connected as the world ocean or simply the ocean, is the body of salty water that covers approximately 71% of the Earth's surface. The word sea is also used to denote second-order sections of the sea, such as the Mediterranean Sea, ...

SoftBank is a Japanese multinational conglomerate holding company headquartered in Minato, Tokyo which focuses on investment management. The Group primarily invests in companies operating in technology, energy, and financial sectors. It also runs the ...

, Peter Thiel's

Founders Fund Founders Fund is a San Francisco-based venture capital firm. Formed in 2005, Founders Fund had more than $11 billion in aggregate capital under management as of 2022. The firm invests across all stages and sectors, including aerospace, artificia ...

Tiger Global Tiger Global Management, LLC (often referred to as Tiger Global and formerly known as Tiger Technology) is an American investment firm. It mainly focuses on Internet, software, consumer, and financial technology industries. Background and histo ...

and others.

References

Mexican companies established in 2013 Companies based in Mexico City Used car market Online marketplaces of Mexico {{Mexico-company-stub