Kavak continues to add Mexican sports figures to its list of shareholders. In February, the Formula 1 driver, Sergio “Checo” Pérez, joined the project as a shareholder, and now so does the Mexican soccer player, Guillermo “Memo” Ochoa.
The company, which at the end of 2020 became the first Mexican unicorn, said in a statement that the Mexican goalkeeper requested to join Kavak solely in exchange for shares in the company, after “exploring in detail” Kavak’s differentiators, such as mechanical and legal security guarantees; financing options, as well as the global scalability of the company.
“I have closely followed the development of Kavak and its importance for the growth of the national economy … It was important for me to be part of Kavak, and I am proud to help improve the lives of many people with this association,” he said. Ochoa, in the statement.
Kavak is a technological and financial ecosystem around the used car sales industry, with a business model based on algorithms that allow making predictions regarding prices, the demand for models in the market, and the mechanical performance of vehicles. cars, search patterns and customer payment behavior in order to authorize financing in less than a minute.
This business model has attracted more than $ 400 million in capital backed by investors such as Softbank, Greenoaks, DST Global, Kaszek Ventures, QED investors and General Atlantic, among others.
Kavak became Mexico’s first tech “unicorn” after reaching a value of just over $ 1 billion in October. Four months after that milestone, it quadrupled in value, becoming one of the most valuable ventures in Latin America.
The company, which already has almost 2,000 employees, dozens of branches and four refurbishment centers, began its expansion into Latin America this year, starting with Argentina and Brazil.
