SoftBank invests in Mexican used car platform Kavak

SoftBank COO Marcelo Claure. Photographer: Andrew Harrer/Bloomberg

Japan’s SoftBank will invest in Mexican used car platform Kavak, the group’s chief operating officer Marcelo Claure said on Monday, adding to SoftBank‘s growing portfolio in Latin America.

“We are proud to join with and invest in Kavak Mexico,” Claure, who oversees SoftBank Group Corp’s Latin America investments, wrote on LinkedIn. “The company is truly transforming the use of mobile devices in the automotive market in Mexico.”

Reuters reported in August that SoftBank was in advanced talks to invest in the three-year-old startup, after announcing earlier in the year a $5 billion fund to focus on Latin America.

Kavak Chief Executive Carlos Garcia did not immediately respond to a request for comment.

Kavak is SoftBank‘s second known investment in Mexico, after the conglomerate invested about $20 million in payments firm Clip.

Kavak is poised to complement SoftBank‘s other investments.

SoftBank led a roughly $17.6 million funding round in Brazilian used-car platform Volanty in August with Argentina’s Kaszek Ventures, which is also an investor in Kavak.

SoftBank has also pumped $1.5 billion into China’s Chehaoduo Group, which owns a leading used-car site.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.