Kavak was founded in Mexico in 2016.[1] In August 2020, Kavak launched in Argentina.[3] By October 2020, Kavak became the first unicorn in Mexico when its valuation exceeded one billion US dollars.[3] In January 2021, the company raised $485 million in a financing round, increasing its valuation to $4 billion.[4] In May 2021, Kavak launched its financing arm, Kavak Capital.[4] In July 2021, the company announced its expansion into Brazil. US$500 million will be invested for this purpose. This will be the second foreign market the company enters.[5] In September 2021, the company raised $700 million in another financing round, doubling its valuation to more than $8 billion.[1][2] Investors included Sea, SoftBank, Peter Thiel'sFounders Fund, Tiger Global and others.[6]
