(Bloomberg) -- Mexican used car startup Kavak said that it closed a Series E funding round for $700 million that now values the firm at $8.7 billion.  

General Catalyst led the funding round with participation of Tiger, Spruce House, D1, Ribbit, SoftBank and others, according to a statement released Wednesday from Kavak.

Proceeds will be used to further expand its operations in Mexico, Brazil and other emerging markets while increasing loans to clients seeking to buy cars. The company is looking at Turkey as a next potential target, according to a person with direct knowledge of the matter.

Kavak buys and sells used cars online, delivering the vehicles to customers’ homes and offering financing. It has expanded its workforce to close to 5,000 employees in Latin America and has 40 logistic centers and reconditioning shops. The Mexico City-based company announced a $500 million investment to start its operations in Brazil in July after raising $481 million in a Series D funding round earlier this year.

Kavak is now the second-most valuable startup in Latin America, according to the statement. Brazil-based digital bank Nu Pagamentos SA is the most valuable at about $30 billion.

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