Mexican used car unicorn Kavak receives US$700 million funding

Kavak had started its operations in Brazil in late July, adding to a robust initial investment of US$2.5 billion.

RIO DE JANEIRO, BRAZIL - Kavak, a Mexican startup for buying and reselling used vehicles, has announced a Series E funding round. The funds raised a total of US$700 million and relied primarily on participation from venture capital group General Catalyst, as well as Tiger, Ribbit, and Softbank, among others.

The company's founder, Roger Laughlin, says that the amount will expand operations in Brazil and Argentina. The debut in other markets is also planned, but the executive did not explain the subsequent targets.

"We plan to continue this expansion in emerging markets around the world. We have identified several . . .

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