Softbank has a new addition in Latin America. After several investments in Brazilian startups lately, such as Creditas, Quinto Andar and MadeiraMadeira – this time, the Japanese conglomerate bets on the Mexican used car platform Kavak.
“We are proud to join with and invest in Kavak Mexico. The company is truly transforming the use of mobile devices in the automotive market in Mexico,” said Marcelo Claure, Chief Executive Officer for SoftBank Group International, in his Linkedin account.
Previously, in August, Kavak was already in advanced talks with the Japanese fund regarding potential investments. The startup offers a digital platform for those who want to sell or buy vehicles, besides other related features.
This is the second Mexican startup to raise capital from Softbank, as the majority of companies to receive investment from the group since the launch of the $5 billion Innovation Fund focused on Latam are Brazilians.