⁍ SoftBank-backed used-car platform Kavak has become Mexico’s first tech ‘unicorn’
The Mexico City-based startup has raised over $400 million in total funding since its founding four years ago.
⁍ Kavak, an online platform for buying and selling secondhand cars with operations in Mexico and Argentina, is laying plans to launch in Brazil early next year.
– A Mexican used-car startup has become the region’s first “unicorn”—a tech startup valued at more than $1 billion—after receiving a $1.15 billion funding round from SoftBank, Reuters reports. CEO Carlos Garcia tells the news agency it’s “humbling” to be the first such company in the country. “It’s something really important for the ecosystem in Latin America, and especially Mexico,” he says. The company currently has operations in Mexico and Argentina, and plans to expand into Brazil early next year.
Source: https://www.reuters.com/article/us-mexico-kavak/softbank-backed-used-car-startup-kavak-becomes-first-mexican-unicorn-idUSKBN26M4KB