Kavak Raises $700 Million at $8.7 Billion Valuation for E-Commerce Industry

Kavak is a Mexican platform for selling and buying pre-owned cars in Latin America. The main aim is to eliminate fraud while purchasing and selling used cars, make the process more transparent in terms of financing. Moreover, Kavak applies the technology of AI and big data for raising mechanical and safety standards.

The new funding round Series E was led by General Catalyst. Along with them, Tiger Global, Spruce House, D1, SEA, Founders Fund, Ribbit Capital, SoftBank also took part in the round. Kavak plans to put this money for expansion in Latin America, as well as in other regions in a year. Kavak is the second most valuable start-up in Latin America.

Kavak was founded in 2016 by Carlos Julio Garcia, Roger Laughlin. “I like to describe it as if Spotify, Amazon, Toyota, and Citibank had a kid, then something like Kavak would be born,” said Kavak co-founder and CEO Carlos García Ottati. The company employs 5000 people in Latin America and has 40 logistics and reconditioning hubs. These numbers have doubled since the last year. However, the company is not going to stop expanding its team, especially its engineers.

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