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Kavak (company)

Kavak
Company typePrivate
IndustryE-commerce, Financial technology, Car sales
Founded2016
FounderCarlos García Ottati
Headquarters
Mexico City
,
Mexico
Area served
Mexico, Argentina, Brazil, Chile, United Arab Emirates
Key people
Carlos García Ottati
(CEO)
ProductsPurchase and sale of used vehicles, automotive financing, maintenance services, personal credit
Websitewww.kavak.com

Kavak is a Mexican company that operates a platform for buying, selling, financing, and managing cars and commercial vehicles, for both individuals and businesses.[1][2]

It was founded in 2016[3][4][5] and is headquartered in Mexico City. Its founder and CEO is Carlos García Ottati.[6][7][8][9][10]

History

Initial fundraising began in 2016[10] and was conducted through the Mountain Nazca fund. This investment vehicle provided the support needed to hold a first round for $3 million, at that time the biggest seed-stage investment ever completed.[6] The team raised nearly $400 million in three funding rounds between 2016 and 2020, with Kaszek Venture, Mountain Nazca, and SoftBank taking point. Those investments pushed Kavak to a $1 billion valuation by the end of 2020, making it Mexico's first unicorn.[11][12]

Kavak came to Argentina in 2020 after it merged with local startup Checkars.[13][14]

The company expanded to Brazil at the start of 2021.[15] It achieved a unicorn ranking as the second-most valuable business in Latin America after raising $700 million in a Series E round that valued the company at $8.7 billion.[16][8][17][18]

In July 2022, the company announced plans to enter Chile, Colombia, Peru, and Turkey. Later in the year, it announced its plans to enter the United Arab Emirates as well.[19][20]

Colombia and Peru subsequently halted operations indefinitely to focus on their core markets.[21][22]

Kavak possessed only a 1% share of the total 5 million used car transactions made every year in Mexico by the year.[23] In November 2025, Kavak Crédito was launched, which marked the company's beginning in the financial service industry.[24]

Investors included Sea, SoftBank, Peter Thiel's Founders Fund, Tiger Global and others.[25]

References

  1. ^ "Used Car Startup Kavak Valued at $8.7 Billion in Funding Round". Bloomberg. 22 September 2021. Retrieved 2022-02-04.
  2. ^ "Nuevas tecnologías transforman la compraventa de modelos usados en la Argentina". Infobae (in Spanish). 2025-06-27. Retrieved 2026-02-11.
  3. ^ "Mexico Car Dealer Kavak's Valuation Slashed by $6.5 Billion as Market Sours". Bloomberg. 2025-04-15. Retrieved 2026-02-11.
  4. ^ "Innovación: la planta de reacondicionamiento que marca un antes y un después en la compra y venta de autos usados". La Nación (in Spanish). 2022-05-06. Retrieved 2026-02-11.
  5. ^ "Dos ex empleados de Linio van por el mercado de autos usados en México". Expansión (in Spanish). 2016-10-02. Retrieved 2026-02-11.
  6. ^ a b "Kavak: la historia detrás del unicornio". Forbes México (in Spanish). 2025-02-14. Retrieved 2026-02-11.
  7. ^ "Quién es dueño de Kavak". Expansión (in Spanish). 2025-03-11. Retrieved 2026-02-11.
  8. ^ a b "Valoración de Kavak baja en US$6 500 millones en última ronda de financiamiento". Bloomberg Línea (in Spanish). 2025-04-15. Retrieved 2026-02-11.
  9. ^ "Cómo un vendedor de autos usados logró la empresa emergente más valiosa de América Latina". Forbes Argentina (in Spanish). 2025-05-26. Retrieved 2026-02-11.
  10. ^ a b "Mexico's Kavak drives away with $700M in new funding, doubling its valuation to $8.7B". TechCrunch. Retrieved 2022-02-04.
  11. ^ "SoftBank-backed used-car startup Kavak becomes first Mexican unicorn". Reuters. 2020-10-01. Retrieved 2022-02-04.
  12. ^ "Women and Latin America's Digital Revolution". Wilson Center. Retrieved 2026-02-11.
  13. ^ Casas, Ximena (2021-09-22). ""Dólar Kavak": los planes del unicornio que busca revolucionar la venta de autos usados y paga en moneda extranjera". Infobae (in Spanish). Retrieved 2026-02-11.
  14. ^ "Cómo funciona la plataforma que eligen cada vez más argentinos para la compra y venta de autos usados". Infobae (in Spanish). 2024-12-31. Retrieved 2026-02-11.
  15. ^ "Kavak Boosts its Global Expansion by Investing US$500 Million in Brazil". www.businesswire.com. 2021-07-27. Retrieved 2022-02-04.
  16. ^ de la Cruz, Estephany (2020-11-05). "Expande operación unicornio mexicano". Mural (in Spanish). Retrieved 2026-02-11.
  17. ^ "De la adversidad al éxito: resurge con fuerza Kavak". Reforma (in Spanish). 2023-07-20. Retrieved 2026-02-11.
  18. ^ "Mexican used-car startup Kavak hits $4 billion valuation". Reuters. 2021-04-07. Retrieved 2022-02-04.
  19. ^ "Kavak, la startup mexicana de autos, se expande fuera de América Latina". El Economista (in Spanish). 2022-07-06. Retrieved 2026-02-11.
  20. ^ O'Boyle, Michael (2025-04-15). "Kavak steers into Dubai, Oman and Saudi Arabia as Mexican unicorn chases growth". Bloomberg Línea. Retrieved 2026-02-11.
  21. ^ "Kavak anuncia suspensión de operaciones en Colombia". Yahoo Finanzas (in Spanish). 2025-01-15. Retrieved 2026-02-11.
  22. ^ "Kavak Perú: qué provocó la salida de la plataforma de autos". Ecommerce News Perú (in Spanish). 2024. Retrieved 2026-02-11.
  23. ^ "Kavak planea abrir hasta cinco puntos de venta en México este primer trimestre del año". El Universal (in Spanish). 2025-01-07. Retrieved 2026-02-11.
  24. ^ "Kavak entra al sector fintech con una plataforma de crédito para cerrar la brecha de financiamiento en América Latina". El Universal (in Spanish). 2025-02-12. Retrieved 2026-02-11.
  25. ^ "Sea, SoftBank join round valuing Mexico's Kavak at $8.7b". www.techinasia.com. Retrieved 2022-02-04.
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