The two investment rounds follow a series D funding of $485 million that investors put into Kavak, a Mexican marketplace that expanded to Argentina and more recently, Brazil.
Kovi, a car subscription company, raised a Series B funding of $104 million led by Valor Capital Group e Prosus Ventures.
Quona, GFC, Monashees, UVC Investimentos, Globo Ventures, Tinder’s co-founder, Justin Mateen, as well as PayPal’s co-founder, Peter Thiel, also joined the investment round.
Kovi will use the funding to expand and popularize car subscription services to new Latin American cities in Brazil and Mexico.
InstaCarro, an automotive marketplace that auctions cars from private sellers to a pool of dealers and then pays the private seller in cash in up to 24 hours, raised a series B funding of $23 million. The investment round was led by J Ventures, FJ Labs, and Rise Capital.
InstaCarro will use the funding to expand its operations and allow c-to-c car sales.
Sources have told the AIM Group InstaCarro had been seeking to welcome a new shareholder for years but failed to do so.
At a certain point, it had inspection points at popular malls in cities like Campinas. Now, it only operates in São Paulo city.
But with the new funding, InstaCarro expects to expand to several cities, including Rio de Janeiro, Belo Horizonte, Goiania, Curitiba, Santos, Campinas, Brasilia and Joinville.