Cabify Receives $110 Million Investment

Madrid-based Cabify is one of Europe's most successful mobility scalers. The company received $110 million in investment to support sustainable mobility, drive profitable growth and strengthen its strategic plans.

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Cabify

Cabify has been shaping Europe's mobility market since 2011. The Spanish company provides its users with a mobility app that offers different transportation options. Users can get around quickly with just a few clicks. In recent years, Cabify has been expanding its fleet, pushing forward its sustainability plans. The company aims for profitable growth. Cabify intends to advance its services quickly with the new investment it has received. Companies such as Orilla Asset Management, AXIS, Fond-ICO Next Tech participated in the company's investment round.

Cabify's vision is to make cities more mobile and livable. At the same time, the company's vision is to provide a multi-mobility platform. The company offers different alternatives to reduce urban travel by private cars. Cities will be shaped with the help of technology. Cabify is a member of the United Nations Global Compact because of its commitment to the local ecosystem. Founded in 2011 in Madrid, Cabify has prioritized profitable growth and sustainability in mobility in recent years. The company currently operates in 7 countries and 40 cities in Spain and LATAM. The company has more than 42 million registered users and more than 1.2 million cooperating drivers and taxi drivers.

The company announced that its turnover target for 2022 will be 24% higher than in 2019 and 32% higher than in 2021. Cabify's highlights include its commitment to sustainability and ambitious plans to reduce carbon emissions. In 2018, the company became the first carbon-neutral platform in its industry, offsetting emissions on a global level. In this way, Cabify has taken an important step to help reduce its own emissions and those of its passengers.

The project is experiencing a phase of maturity and sustainable growth that is unique in its sector

Cabify's goals are that by 2025 all trips in Spain and by 2030 all trips in Latin America will be made in zero-emission vehicles. This will be achieved through the activation of categories on its platform that include only electric vehicles (e.g. plug-in hybrids, electric vehicles, etc.). The company will continue to grow in the markets to achieve these goals with the new funds it has just received. It will update its fleet with electric vehicles. It will support its innovation strategy and play an active role in the realization of its strategic plan.

Cabify announced that it aims to triple its revenues in 3 years. It will also continue to invest in new business lines such as Cabify Logistics. Company officials stated that they will work to transform the logistics needs of companies.