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Contxto – Mexico-based venture capital (VC) firm, Mountain Nazca, announced its exit from used car marketplace, Kavak.
Yesterday (28), the VC stated in a press release that its stake in the startup was bought by SoftBank. Moreover, sources report that General Atlantic also bought some of the Mexican VC’s shares.
Back in 2016, Mountain Nazca had led a US$3 million round in Kavak. Meanwhile, Japanese SoftBank and General Atlantic joined the investors’ table last year. Just how much these VCs chipped into Kavak back then has yet to be disclosed.
In any case, this isn’t Mountain Nazca’s first exit. Last year it, alongside DILA Capital, reported the sale of loaning startup, Creze to Polygon Fintech.
Ultimately, these events appear to be successful exits for Mountain Nazca. But given how the 2020 economic downturn is looking, it won’t be easy (for anyone) in coming months.
Mountain Nazca still has things to do
After working with Kavak’s founders for four years, saying goodbye is probably a moment of nostalgia. But there are plenty of interesting companies left in Mountain Nazca’s portfolio that due to the coronavirus (Covid-19) pandemic, are likely keeping it very busy.
Examples include edtechs Peruvian Crehana and Colombian Platzi, as well as Mexican online supermarket, Jüsto.
In a statement, the VC reported that the sale of Creze and its stake in Kavak jointly led to over MXN$1.2 billion (over US$50 million) for its investors.
What’s curious is the conflation of both the Creze and the Kavak exits jointly. Could it be that one was less than overwhelming? We’ll look to find that out for you.
Either way, parting is such sweet sorrow. Fortunately, Mountain Nazca and its backers have their exit money as a consolation prize.
mountain nazca has left the building, sells stake in kavak to softbank
" data-image-caption="mountain nazca has left the building, sells stake in kavak to softbank
" data-medium-file="https://i0.wp.com/contxto.com/wp-content/uploads/2020/04/cry2-1.gif?fit=300%2C124&ssl=1" data-large-file="https://i0.wp.com/contxto.com/wp-content/uploads/2020/04/cry2-1.gif?fit=320%2C132&ssl=1" decoding="async" >Related articles: Tech and startups from Mexico!
-ML
