Sectors
Logistics, last mile, urban mobility and fleet technology are operationally intensive businesses where capital finances assets, receivables or network growth. Investors separate the software from the asset and value each with its own logic; debt is often as relevant as equity.
Equity investors are funds with logistics and mobility theses; lenders finance fleets, inventory and receivables. Strategic buyers are regional logistics and mobility operators, e-commerce platforms internalising delivery, and transport groups acquiring technology.
Capital, debt and M&A in the sector, with public sources cited.
Research
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.
Listed comparable companies in the sector: price, market value, multiples and expected growth. Data as of 31 August 2026.
Analyses of recent deals in the sector: structure, value drivers and what they signal to the market.
Deal analysis
DHL Express renews 20% of its Mexican fleet with group resources; it is not a capital raise, but it sets the standard of investment in last-mile assets against which independent operators get financed.
Deal analysis
The Brazilian freight marketplace structures a BRL 150 million (USD 28 million) receivables fund with XP, BTG Pactual and Polígono Capital to scale credit for the carriers operating on Fretebras.
Deal analysis
The Colombian mobility payments fintech buys Pluxee’s fleet fuel expense business in Colombia after more than a year of negotiation; the price was not disclosed and the company operates in Mexico with TeleVía.
Deal analysis
Ten months after a down internal round and two USD 200 million bank facilities, Kavak returns to the market with growth capital and a first month of consolidated profitability as its calling card.
Deal analysis
The global fleet operator for mobility platforms raises USD 250 million led by Mubadala for autonomous vehicle infrastructure; it is present in Latin America through Kovi in Brazil and the sources do not mention Mexico.
Deal analysis
A digital carrier between the United States and Mexico buys a Y Combinator startup building artificial-intelligence agents to fold into its transport management system; second acquisition in four months and undisclosed terms.
Deal analysis
The Brazilian on-demand marketplace for professional drivers and cargo assistants reaches BRL 310 million in twelve months with Bicycle Capital, Monashees and Caravela; round type and valuation were not disclosed.
Deal analysis
BBVA Spark provides USD 25 million to a fintech that advances payments to Mexican carriers; sources differ on whether it is a credit line or financing, and that difference matters to anyone preparing a similar deal.
Deal analysis
Uber takes an equity stake in Chilean motorcycle lender Galgo, with Mexico as the first market; the amount was not disclosed, but the company describes it as the largest single equity investment in its history.
Deal analysis
Fourteen months after the announcement and four after Cofece’s approval, UPS reported it could not satisfy the closing conditions; the case shows where sales of Mexican operators to global strategic buyers break down.
Deal analysis
The Brazilian electric motorcycle subscription platform with battery swapping raises USD 45 million to develop a hybrid ethanol-electric motorcycle and manufacture in Manaus; the valuation was not disclosed.
Deal analysis
A USD 250 million commitment, rather than an equity round closed at a valuation, funds VEMO’s electric fleet, charging network and driver leasing; the instrument says as much as the amount.
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