Madrid-based Cabify, a multi-mobility platform that competes with the likes of Uber, has received a €40 million loan from the European Investment Bank (EIB), which invested in IQM recently. The fund will be used for its fleet decarbonisation project. The financing will be used for the deployment of 1,400 electric vehicles over the coming years in Spain and the EV charging and digital infrastructure needed for the operation of this fleet.
These electric vehicles will have significant environmental benefits in terms of positive externalities, including the reduction of CO2, NOx and particulate matter (PM). Furthermore, the funds will help Cabify meet its fleet decarbonisation targets of using zero-emission vehicles for all journeys made on the platform in Spain by 2025 and worldwide by 2030.
The EIB stresses that it supports the Sustainable Development Goals (SDGs) – SDG 13 “Climate action”, SDG 11 “Sustainable cities and communities” and SDG 3 “Good health and well-being”. In addition, it also contributes to reinforcing investment in the automotive industries and in the necessary charging infrastructure, improving the supply of emission-free urban mobility in the cities where Cabify operates in Spain.
First carbon-neutral platform of its kind!
Cabify was founded in 2011 by Juan de Antonio. It connects private and business users with the forms of transport that best suit their needs. With the aim of making cities better places to live, the company has created a sustainable business model guided by ethical principles. The startup is spread across Latin America, Argentina, Chile, Colombia, Ecuador, Spain, Mexico, Peru and Uruguay among others.
The multi-mobility platform for people and objects offers various alternatives to reduce urban travel in private cars, taking advantage of technology to make cities better places to live. Also, it is an economically, environmentally, and socially sustainable company. Cabify, a member of the UN Global Compact, stands out for its commitment to talent and the local ecosystem, generating high-value jobs and declaring 100% of its activity in each country.
In 2018, it became the first carbon-neutral platform in its sector and since then it has been globally offsetting its emissions and those of its passengers and meets an annual reduction commitment. Now, it has over 42 million registered users and 1.2 million collaborating drivers and taxi drivers.
What does Cabify do?
Similar to any other ride-hailing platform, Cabify lets users book their ride by providing location, passenger details, and more. It offers features like real-time tracking, in-app payments, door-step service, and more. Also, it offers ride-hailing services for corporates. Notably, the mobile app is available for both Android and iOS devices.
The company aims to reduce carbon emissions through the reduction of the average age of its fleet of vehicles, increase of the number of women among drivers and improve the employment conditions of drivers including help in obtaining social benefits.