Kavak, the used-car marketplace with a financing arm (Kuna Capital) headquartered in Mexico City, announced on 17 February 2026 a USD 300 million Series F led by a16z Growth. It comes ten months after an internal round that set the valuation at USD 2.2 billion and two months after the company’s first full month of consolidated profitability. It matters because it is the reference for price and structure for platforms that carry inventory and a loan book in Latin America.
The transaction
Andreessen Horowitz, through a16z Growth, contributes USD 200 million; WCM Investment Management co-leads and Lingotto, Foxhaven, Galdana, Stelac and Allen & Co. participate. The valuation was not disclosed. According to the company, proceeds will strengthen the balance sheet, expand financing and fintech products, access capital markets and build artificial-intelligence capabilities. Kavak operates in Mexico, Chile and the Middle East.
The prior trajectory is part of the price. In April 2025 Kavak closed a USD 127 million internal round at a USD 2.2 billion valuation, down from USD 8.7 billion in 2021, and in the same month secured credit facilities of USD 200 million each from Goldman Sachs and HSBC (Bloomberg Línea). The Series F adds external equity on top of that debt base.
Value drivers
Consolidated profitability. The company reported its first full month of consolidated global profitability in December 2025. In our reading, that data point, more than volume, is what reopened access to a growth lead investor in a market where capital for inventory-carrying marketplaces remains selective.
Scale with growth. Nearly 120,000 transactions in 2025, roughly 40% more than the previous year.
A loan book as a second business. Kavak has financed more than USD 1 billion and its annualised origination pace was close to USD 600 million in the fourth quarter of 2025. In our reading, the Goldman Sachs and HSBC facilities fund the portfolio while Series F equity absorbs operations and first-loss risk; that is the balance-sheet split a growth investor requires.
Operating quality. Around 5% of vehicles require after-sales service and about 1% are returned, according to the company. These are the metrics that sustain the model’s trust thesis.
What the market is signalling
For comparables in Mexico, the message is that growth capital returns when profitability is demonstrated and the balance-sheet structure is legible: bank debt for inventory and the loan book, equity for the platform. In our reading, the undisclosed valuation was negotiated against the April 2025 base rather than the 2021 one.
For lenders, the deal confirms that the sequence of USD 200 million facilities with global banks followed by an equity round is workable in Mexico when the portfolio shows recurring origination. For founders of asset-heavy platforms, it sets the order: profitability first, then balance-sheet debt, then growth equity.
G2’s reading for a mandate
A growth round in 2026 is prepared with the consolidated income statement and the debt structure already closed, because the lead investor will value the loan book and the platform separately. In our reading, a competitive process for an inventory-carrying platform should bring the investment committee operating-quality metrics (returns, after-sales service, delinquency) alongside growth, and a use of proceeds that distinguishes working capital from product investment.
Sources
- Kavak, 17 February 2026: Kavak announces USD 300 million Series F led by Andreessen Horowitz
- Expansión, 17 February 2026: Kavak capta inversiones por 300 millones de dólares para crecer en Latinoamérica
- LatamList, 17 February 2026: Kavak raises 300M round led by Andreessen Horowitz
- La Nación, 18 February 2026: Kavak levanta USD 300 millones en una ronda liderada por Andreessen Horowitz
- Bloomberg Línea, April 2025: Kavak’s valuation falls by USD 6.5 billion in its latest round