Exclusive-Mexico's Kavak says new funds make it second-most valuable LatAm startup

FILE PHOTO: Kavak Chief Executive Carlos Garcia poses for a photo at used autos platform Kavak in Mexico City, Mexico, August 25, 2020. REUTERS/Edgard Garrido/File Photo

MEXICO CITY (Reuters) - Mexican used-car platform Kavak said it has more than doubled its valuation to $8.7 billion based on its latest funding round, making it the second-most valuable startup in Latin America as it eyes further expansion beyond its home market.

Kavak's chief executive, Carlos Garcia, told Reuters the Mexico City-based firm netted $700 million in its Series E round, making the platform second only to Brazilian fintech Nubank among the highest-valued startups in the region. (https://www.reuters.com/business/finance/buffett-backed-nubank-seek-ipo-valuation-over-554-bln-sources-2021-08-25)