Telecommunications and internet group SoftBank agreed last month to invest an undisclosed amount at in Mexico-based automotive e-commerce platform Kavak at a $1.15bn valuation, Reuters has reported.
Carlos Garcia, CEO of Kavak, told Reuters the Mexico City-based company had raised more than $400m in funding since its founding four years ago, adding that SoftBank, DST Global and Greenoaks Capital co-led the latest round.
Kavak runs an online marketplace where users can buy or sell second-hand cars in Mexico and Argentina, having entered the latter through its merger with peer Checkars. It expects to launch in Brazil early next year, Garcia added.
SoftBank had previously joined venture capital firm Mountain Nazca in a $3m funding round for Kavak in 2016 and provided an undisclosed amount for the company in October 2019.
