● Orilla Asset Management (an investment company owned by Francisco Riberas’ direct family), and AXIS, through Fond-ICO Next Tech, among other investors, have participated in the financing round of Spanish multi-mobility company Cabify. Thus, they join in this round the investment made by Mutua Madrileña in July 2022 and the loan granted by the EIB.
● Thanks to the funds raised, Cabify will accelerate in key areas of its strategic plan, such as the growth of the company in the countries where it is present, the electrification of the fleet in Spain and Latin America, and its technological innovation strategy.
Madrid, March 28, 2023. International multi-mobility company Cabify is moving forward with its strategic plan and will accelerate its objectives thanks to capital raising. Cabify has raised funding worth $110 million with participation from Orilla Asset Management (an investment company owned by Francisco Riberas’ direct family), and AXIS, through Fond-ICO Next Tech, among other investors, have backed Spain’s leading sustainable mobility and technology project. Thus, they join in this round the investment made by Mutua Madrileña in July 2022 and the loan granted by the EIB.
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”.
Accelerating profitable growth in Spain and Latin America
Over the past few years, Cabify has demonstrated its ability to generate its own resources and develop its business and mobility transformation plan with a focus on profitable growth. In fact, as an estimated preview of its financial results, the company’s 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 plans to multiply its revenues by 3 in the next 3 years. With this new capital injection, it will increase its market share in the countries where it operates, and, among other projects, it will expand to more than 25 cities in Latin America and Spain. Cabify’s expansion targets include cities with more than 200,000 inhabitants. At the end of 2022 and as a result of the closure of operations of the Beat platform in Latin America, Cabify closed a collaboration agreement with this company to reference Cabify as a preferential mobility alternative for passengers and drivers, achieving extraordinary results. The company’s new resources will enable it to maximize the impact of this partnership and further improve mobility in the region. In addition, the company will continue to invest in new business lines such as Cabify Logistics, the unit launched to transform the logistics needs of companies.
More investment in Cabify’s Sustainable Business Strategy
Among the priority commitments that Cabify expects to undertake in the coming years, its roadmap for reducing emissions from mobility stands out. The Spanish multi-mobility company has set itself the goal that all trips made on its platform will be in zero-emission vehicles in Spain by 2025 and in Latin America by 2030. In both regions, electrified mobility projects are being implemented 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 more than 11 years and has more than 1,000 employees in Spain and Latin America. Today the company operates in 7 countries and more than 40 cities, has more than 42 million registered users, and 1.2 million collaborating drivers and taxi drivers.
Cabify is a multi-mobility platform for people and objects that offers various alternatives to reduce urban travel in private cars, taking advantage of technology to make cities better places to live.
And, all of this, while being 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.
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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Press release by Cabify