14 April 2021

Carey Olsen supports Kavak on latest funding round as it hits US$4 billion valuation

Carey Olsen's corporate team in the Cayman Islands has advised online used vehicle platform Kavak on its successful Series D funding round of US$485 million, which now values the Mexican company at US$4 billion.

Founded in 2016, Kavak is one of the most highly valued startups in Latin America and became Mexico's first unicorn in October 2020. Kavak's online platform aims to make the car buying and selling experience more hassle-free by automating paperwork and financing.

Already well established in Mexico and Argentina, Kavak's latest capital injection will help it do a full launch in Brazil before looking at further expansion capabilities elsewhere. The round was led by D1 Capital Partners, Founders Fund, Ribbit and BOND, and brings Kavak’s total capital raised to date to more than US$900 million.

Working alongside onshore counsel Gunderson Dettmer, the Carey Olsen team advising Kavak on the Cayman law aspects of its latest financing round was led by corporate partner Alistair Russell, assisted by associate Emily Cornhill.

Alistair said: "Kavak's amazing story of growth and innovation continues and we are delighted to have supported the company on its latest highly successful financing round. It also reinforces the attractiveness of the Cayman Islands as a premier jurisdiction for venture capital structures with a Latam focus."