Kavak Announces $300 Million Series F
Gunderson Dettmer represented Kavak, a Mexico-based online used car dealer, in its $300 million Series F financing led by Andreessen Horowitz (a16z). The round – which marks a16z’s largest late-stage investment in Latin America – included WCM Investment Management, Lingotto Innovation, Foxhaven, Galdana Ventures, Stelac and Allen & Company LLC, among others.
Kavak is a digital platform that transforms the way people buy, sell, finance and service their cars. The new capital will strengthen Kavak’s balance sheet and accelerate growth through expanded financing capacity, new fintech products, and continued investment in technology, artificial intelligence, and its marketplace ecosystem.
“Kavak was born to build solutions for everyone,” said Kavak founder and CEO Carlos García Ottati, in the announcement of the transaction. “That means offering liquidity when someone needs to sell their car, facilitating access when someone wants to buy, and generating trust when something does not go as expected. This round of funding serves as fuel for that mission. We are strengthening ourselves to continue accompanying more users throughout the purchase-sale cycles and accelerate the evolution of the product and technology that make the experience faster, simpler and safest.”
The Gunderson deal team was led by Brad Krack and included Brian Willbur, Adam Spaulding, Federico Varni, Eduardo Espinosa de los Monteros Pereda, and Vijeta Kanabar.
Companies
Kavak
Andreessen Horowitz