• The round was led by Pelham Capital fund, also including Launchpad, Inti Ventures and Luxor Capital;
• The Argentine car buying and selling platform has about a thousand active retailers in the state of São Paulo and also operates in Buenos Aires.

Online car buying and selling platform Karvi announced on Tuesday that it has raised $10 million in a round led by Pelham Capital fund, also including Launchpad, Inti Ventures and Luxor Capital.

Founded in Argentina in 2018, the startup arrived in Brazil in March last year. It operates as a digital bridge between stores and consumers, including services such as mechanical inspections, professional photography and extended warranty.

The company, founded by Matías Fernández Barrio and Matías Rossetto, plans to use the investment to double both staff and active dealership network by 2022. Currently, the platform has around 1,000 active retailers in the state of São Paulo and 100 employees. It also has operations in Buenos Aires.

READ ALSO: Insurtech Justos debuts in Brazil with innovative car insurance model

In March, the startup launched the sale of certified used cars, which includes an independent mechanical evaluation and a one-year mechanical warranty.

Last month, Mexican startup Kavak told Reuters it raised $485 million in a round, which will help it debut in Brazil in the coming months.

Last month, the fintech unicorn Creditas announced its entry into the used car buying and selling sector, competing in a market in which the startup Volanty also takes part.

Translated by LABS