Mexico-based autos marketplace Kavak has raised $700 million in a Series E round of funding, which brings the company’s valuation to $8.7 billion.

The company said the investment round makes it the second most valuable private start-up in Latin America.

The investment round was led by General Catalyst, which has already invested in companies like Cazoo, OLX and Vroom. Tiger Global, Spruce House, D1, SEA, Founders Fund, Ribbit Capital, SoftBank and others also joined the funding round, according to TechCrunch.

Kavak operates in Mexico, Argentina and Brazil.

The AIM Group anticipated the company already had plans to go international, as it was quietly buying a Turkish autos company.

“These resources reflect our ambition to go all the way and become a truly global company,” said Carlos Garcia Ottati, the company’s CEO.

According to TechCrunch, Kavak plans to use the fresh funding to expand in Latin America with plans to commence operations in several other markets within the next 12 months.

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