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Research · Logistics and mobility

Logistics and mobility: capital, debt and M&A in Mexico 2026

Kavak returned to the market with USD 300 million after a year of profitability, cross-border freight technology buys capabilities, and credit lines from Goldman Sachs, HSBC and Cometa fund fleets and receivables.

By Israel Cerda de la Garza ( LinkedIn opens in a new window ) · · 6 min read

This note gathers the public transaction activity we use to place a mandate in logistics and mobility: freight technology, last mile, fleets and mobility platforms. Every figure carries its source and date. We include no estimates of our own.

Capital raising

Kavak raised a USD 300 million Series F in February 2026, with USD 200 million from a16z Growth and co-led by WCM, plus Lingotto, Foxhaven, Galdana, Stelac and Allen & Co., after its first month of consolidated profitability in December 2025 and about 120,000 transactions in 2025, up 40% (La Nación, February 2026). Ten months earlier it had closed a USD 127 million internal round at a USD 2.2 billion valuation, down from USD 8.7 billion in 2021, co-led by SoftBank and General Atlantic (Bloomberg Línea, April 2025).

Solvento, a payments fintech for carriers, raised a USD 12.5 million Series A led by Cometa in November 2024, with Quona, Ironspring, Dynamo, Proeza, Zenda and Endeavor Fwd, after financing USD 180 million to 1,400 trucking companies (LatamList, November 2024).

Nowports changed chief executive in April 2025, cut its footprint from ten offices to Mexico and Chile and says it needs neither a new round nor an IPO in the short term, with USD 230 million raised historically (El CEO, May 2026). Rappi reports four consecutive quarters of positive EBITDA and is weighing a public offering toward the end of 2026 (Bloomberg Línea, May 2025).

Debt and structured financing

Kavak obtained credit lines of USD 200 million each from Goldman Sachs and HSBC in April 2025, alongside its internal round (Bloomberg Línea, April 2025); its financing arm passed USD 1 billion in cumulative lending by the fourth quarter of 2025 (La Nación, February 2026). It is the structure of a platform with inventory and receivables: debt for the balance sheet, equity for operations.

Solvento has USD 75.5 million of total funding, including USD 53.5 million of debt raised in December 2023 to fund payments to carriers (LatamList, November 2024). DHL Express invested USD 60 million and added 300 vehicles for the 2025 peak season in Mexico (Xataka México, October 2025).

Mergers and acquisitions

Traxión agreed to buy Solistica from FEMSA for USD 198.1 million in October 2024; in 2025 it sold the Colombia and Brazil operations to other investors and the press cites about USD 80 million for the final perimeter, expected to be more than 50% of consolidated revenue in 2026 (LexLatin, November 2024; Milenio, July 2025). We report both figures with their attribution.

Nuvocargo acquired Mentum, a Y Combinator-backed AI agent startup, in October 2025, and Merge Transportation, a South Carolina logistics operator, in April 2026; terms undisclosed (Yahoo Finance, October 2025; Nuvocargo, April 2026). The cross-border operator buys technology and capacity inside the United States.

UPS cancelled the purchase of Estafeta in September 2025, announced in July 2024 with an expected combined business above USD 1 billion, citing the impossibility of fulfilling the closing conditions (Bloomberg Línea, September 2025). Rappi sold Rappicard to Banorte for USD 50 million in April 2025 with a fifteen-year commercial agreement; DiDi acquired the sofipo JP Sofiexpress to launch financial products in Mexico (Bloomberg Línea, May and June 2025).

Market context

Trucking moves 60% of national freight with a fleet of 1,514,223 units averaging 19.81 years of age, and its GDP grew 0.02% in 2025 (SICT, 2025; INEGI via TyT, February 2026). USD 40,871 million of foreign direct investment in 2025, a record, with new investments up 132.9% (Secretaría de Economía, February 2026). Mexico captured USD 1.1 billion of venture capital in 2025 and led the region in the second quarter of 2026 with USD 944 million (Crunchbase News, 2026). 12.6% of light vehicles sold in the first half of 2026 were electrified (AMIA, July 2026).

G2’s reading for a mandate

In logistics the strategic buyer pays for network density and shipper contracts, not for fleet; the cancelled Estafeta sale shows that regulatory and closing conditions weigh as much as price. In mobility, the 2026 committee demands consolidated profitability before a growth round, as Kavak and Rappi show, and bank debt arrives alongside equity when there is inventory or a receivables book to secure it. For a freight technology company, the strongest argument before an international fund is the Mexico–United States corridor.

Sources