FILE PHOTO: SoftBank Corp. (a). william was drafted during a ceremony to mark the company’s debut on the Tokyo Stock Exchange in Tokyo, Japan, December 19, 2018. (REUTERS photo/Issei Kato/File Photo
MEXICO CITY (reuters) – japan SoftBank to invest in a Mexican car platform, Kavak, the group’s chief operating officer, Marcelo Claure, said on Monday, adding to SoftBank’s growing portfolio in Latin America.
“We are very proud to be working with and investing in Kavak, Mexico,” Claure, who oversees SoftBank Group, Corp., Latin America’s equity securities, wrote in a LinkedIn. “It’s a company, it is really the transformation in the use of mobile devices in the automotive industry in Mexico.”
Reuters reported in August that SoftBank is in advanced talks to invest in three-year-old start up, since the announcement earlier this year of a $5 billion fund focused on Latin America.
Kavak, Chief Executive, Carlos Garcia, who does not immediately respond to a request for comment.
Kavak’s SoftBank is the second well-known investments in Mexico, after the company agreed to invest approximately $20 million in payments made, solid Clip.
Kavak is a ready-to-fill they turned to other investments.
SoftBank, led to approximately $17.6 million funding round in the Brazilian used car, the platform Volanty in August, Argentina’s Kaszek Ventures, which is also an investor in Kavak.
SoftBank has pumped in $1,5 billion in China in Chehaoduo Group, which is an industry-leading used cars website.
Reporting by Daina Beth Solomon and Julia, with Love, in Mexico City; editing by Bill Berkrot