Kavak, the Mexico City-based platform for buying, selling, financing and servicing used cars, raised $300m in a Series F round, it announced on 17 February 2026.
Andreessen Horowitz led the round, with $200m coming from its a16z Growth fund. WCM Investment Management co-led, and Lingotto Innovation, Foxhaven, Galdana Ventures, Stelac and Allen & Company also took part, among others. The deal is subject to customary closing conditions and regulatory approvals.
Kavak did not disclose its valuation. David George, a general partner who heads the a16z Growth fund, said it was the firm's largest investment in a single company in Latin America and the fund's first in the region.
“That means liquidity when someone needs to sell, access when someone needs to buy, and trust when something goes wrong. This round is fuel for that mission.”Carlos García Ottati, Founder and CEO, Kavak
What Kavak does
Founded in 2016, Kavak runs a digital marketplace for used cars in Latin America and other emerging markets, and has a lending arm that finances customer purchases. According to Contxto, it operates in Mexico and Chile and entered the Middle East in 2022.
The company said it completed nearly 120,000 transactions in 2025, up about 40% from the year before, and reached its first full month of consolidated global profitability in December, led by Mexico. It reported profitability milestones in Chile and the Gulf region as well.
Its fintech business has financed more than $1bn for customers since it started. Kavak said customer loans reached an annualised pace of about $600m in the fourth quarter of 2025 and that the fintech unit was growing at close to 100%. More than 5,000 industry partners use its technology through its marketplace, the company said.
Kavak said AI agents now handle most customer demand. About 5% of the vehicles it sells need post-sale service under its coverage programmes, and about 1% of customers return or exchange their car during the return window, figures the company presented as evidence of improving quality.
What the money is for
Kavak said it would use the money to strengthen its balance sheet, expand its financing capacity and fintech products, build up its capital markets capabilities, invest in technology and artificial intelligence, and deepen its marketplace ecosystem.
"This round is fuel for that mission," founder and chief executive Carlos García Ottati said, describing that mission as giving people liquidity when they sell, access when they buy and trust when something goes wrong.
Gunderson Dettmer advised Kavak on the financing.
The funding so far
Kavak was valued at $8.7bn in 2021, when it was the most valuable start-up in Latin America, according to Contxto. Its valuation then fell sharply. NeoFeed reported that the company raised $127m in an equity round led by SoftBank and General Atlantic in March 2025 at a valuation of $2.2bn.
George said Kavak had built a category-defining platform with a clear mission to expand access and trust in a large market, and that a16z wanted to help it keep scaling what he called a durable, customer-first model.
NeoFeed, citing CB Insights, put Kavak's total equity and debt funding at about $3.6bn. Contxto, citing Crunchbase, put the figure at about $2.9bn including debt. Kavak itself did not give a total.
Company website: kavak.com