Kavak, the second most valuable private startup in Latin America

After raising more than 700 million dollars of capital raising, the company's valuation exceeds 8,7 billion dollars.

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Poplar, the leading company in the used car market in Latin America, announced that it captured 700 million in his round of E Series, reaching a new valuation in 8,7 trillions of dollars. In this way, it becomes the second most valuable private startup in the region.

The startup, led globally by Carlos Garcia Ottati, CEO and co-founder of Kavak; In just four years, it has become the leading company in the pre-owned car buying and selling sector in Latin America.

PoplarBacked by the world's leading venture capital funds such as General Catalyst, Tiger, Spruce House, D1, SEA, Founders Fund, Ribbit y Softbank, among others, accumulates more than 1.6 trillions of dollars of venture capital funds since the company's inception in 2016.

Kavak's revolutionary model has made it possible to formalize the pre-owned car market in Latin America, guaranteeing secure transactions that have managed to eradicate the risks of mechanical fraud and various crimes, in addition, the company has incorporated access to financing tools, facilitated through technology of data and artificial intelligence, thus becoming one of the leading financial institutions in the region.

In the last year, the company went from 300 to more than 4.700 employees in Latin America. Kavak's infrastructure includes 40 logistics and refurbishment centers in Mexico, Brazil y Argentina.

Poplar"At Kavak we are focused on providing the best customer experience on a regional and global scale. We add new investors who share this vision and accompany us in bringing it to more and more people in Argentina, Latin America and the world, working very hard to provide the best solutions that make the experience of those who want to buy, sell or own a car incredible. In the countries where we operate, a car is a fundamental tool for social and professional growth, and today we have the ability to accompany many more people on that path ”, said Jaime Macaya, CEO of Kavak Argentina.

Kavak plans to take its value proposition to different markets globally in the next 12 months. Although the company sees a clear opportunity to continue its expansion in Latin America, there are other international markets where it can become a key ally to strengthen economies and formalize the automotive market.

 “Our goal is simple: We want to become the pre-owned car company with the strongest customer experience, and support them to have fair access to financial solutions so they can get the car of their dreams. The resources from our recent capital raise are essential to accelerate our expansion in Latin America. Last July we started in Brazil and now we will continue in emerging markets around the world in countries where Kavak can add significant value to people who suffer from problems similar to those in Latin America ”, García Ottati pointed out.

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Automundo is the blog about news from the automotive industry, motorsport and the culture of the region. Director: Diego Durruty.

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