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Spanish ride-sharing unicorn Cabify drives away with $110M to tap sustainable transportation

Image credits: Cabify

Cabify, a Madrid-based multi-mobility startup unicorn, has raised funding worth $110 million from Madrid-based Orilla Asset Management, an investment company owned by Francisco Riberas’ direct family and AXIS, through Fond-ICO Next Tech, among other investors. 

The announcement comes around a year after the company raised a €40 million loan from the European Investment Bank (EIB).

The Spanish company will use the funds to accelerate key areas of its strategic plan, including its growth in the countries where it is present, the electrification of the fleet in Spain and Latin America, and its technological innovation strategy.

Juan de Antonio, CEO of Cabify, said: “This commitment from strategic investors is a recognition of Cabify’s positive impact and potential to continue creating long-term value for our investors and the cities in which we operate. These are partners who share our vision for the sustainable mobility industry and will enable us to accelerate the delivery of our strategic plan”.

Provides alternative to reduce private car travels

Founded by Juan de Antonio Rubio, Cabify is a multi-mobility platform for people and objects that offers various alternatives to reduce urban travel in private cars.

The company says that its turnover in 2022 is already 24% higher than in 2019, and 32% higher than in 2021. 

Juan de Antonio, CEO of Cabify, explains that “the project is experiencing a stage of maturity and sustainable growth that is unique in its sector. Our goal is to accelerate our strategic plan, and, in the coming years, we expect Cabify to significantly increase in revenue volume and profitability.”

The company has ambitious plans to multiply its revenues by 3 in the next 3 years and has recently secured significant capital injection to achieve these goals.

The company’s expansion targets include cities with more than 200,000 inhabitants. 

Cabify’s collaboration agreement with the Beat platform in Latin America, which resulted from the closure of Beat’s operations, will be instrumental in achieving this goal.

Cabify Logistics

Cabify has also launched Cabify Logistics, a new business unit that aims to transform the logistics needs of companies. 

The unit leverages Cabify’s existing technology and infrastructure to provide efficient and reliable logistics solutions to businesses. 

Cabify Logistics is part of the company’s broader strategy to diversify its offerings and provide customers with a wider range of services.

The company aims to ensure that all trips made on its platform are in zero-emission vehicles in Spain by 2025 and in Latin America by 2030. To achieve this goal, Cabify has implemented electrified mobility projects through alliances with manufacturers and the activation of categories that only incorporate electrified vehicles (plug-in hybrids, electric vehicles, etc.).

Cabify has been transforming the way people move around the city for 10 years, with more than 42 million registered users and 1.2 million collaborating drivers and taxi drivers. 

After being born in Madrid, the company spread, within a few months, to Latin America and is currently present in Argentina, Chile, Colombia, Spain, Mexico, Peru, and Uruguay.

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