Failed 2023

    Buggy

    A smaller used-car play that ran into the same inventory wall as Kavak — but with one-tenth the cushion.

    Founded → Closed

    2020 → 2023

    Funding Raised

    $25M

    Industry

    Used Car/E-commerce

    Country

    Brazil

    Full Analysis

    São Paulo-based Buggy raised ~$25M to compete in Brazilian used-car e-commerce with a lighter inventory model. As 2022 rates rose and Kavak retrenched the entire category, Buggy ran out of runway. The company shut down in 2023 and was reportedly acquired in a fire sale by Webmotors. A useful 'smaller cap' example illustrating that the entire Brazilian used-car-e-commerce thesis depended on cheap money.

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