Morrison & Foerster advised SoftBank Group Corp. in connection with a Series C financing round totaling US$225 million in Kavak, an online platform for buying and selling secondhand cars with operations in Mexico and Argentina. Greenoaks Capital, DST Global, and other investors also invested in the round.
Founded in 2016 in Mexico City, Kavak is the leading company in the purchase and sale of pre-owned cars in Mexico. This latest funding makes Kavak Mexico's first privately-held startup company valued at over $1 billion or "unicorn."
MoFo's Latin America corporate team also recently represented SoftBank in its investments in IDTech pioneer in ID protection solutions Acesso Digital, and Brazilian unicorn and leading e-commerce platform VTEX.
The MoFo team advising SoftBank was led by Miami Latin America Desk co-chair Randy Bullard and corporate partner Juan Delgado, together with corporate associate Axel Miranda.