Carey Olsen advises Kavak on US$300 million equity funding round
Carey Olsen's corporate team in the Cayman Islands has advised Mexico-based online used car dealer Kavak on its US$300 million equity funding round led by Silicon Valley venture capital firm Andreessen Horowitz ("a16z").
a16z contributed US$200 million to the round, with other investors including WCM Investment Management and Foxhaven Asset Management committing US$100 million. This funding round marks the first investment from the a16z Growth fund, and is a16z's single largest investment in a Latin American company to date.
Founded in 2016, Kavak is the leading digital platform for buying, selling, financing and servicing used cars in Latin America and emerging markets. In 2025, Kavak completed almost 120,000 transactions, up approximately 40% from the previous year. In December, the company marked its first month of consolidated profitability at a global level.
The new capital will be used to reinforce Kavak's balance sheet and accelerate growth initiatives, including financing capacity and the use of artificial intelligence across its operations.
The Carey Olsen team advising Kavak comprised partner Trevor McCabe and senior associate Evan Stitt, alongside U.S counsel Gunderson Dettmer.
Trevor McCabe commented: "Kavak's latest funding round is a milestone achievement, reflecting strong investor confidence in the company's long-term market strategy and in Latin America's technology sector. Carey Olsen has worked with several innovative companies that are reshaping the Latin American technology landscape, and we are proud to have supported Kavak as it distinguishes itself from the market and enters an exciting new phase of growth."
