Multi-mobility company Cabify has closed a funding round totaling $110 million that it says will accelerate its growth strategy.
The latest investment in the company comes from Orilla Asset Management and AXIS and adds to Cabify’s €40 million loan from the European Investment Bank (EIB) as well as an investment from Mutua Madrilena to acquire a 1.26% stake in the company last year.
The aim of the EIB loan was to enable the company to purchase 1,400 electric vehicles as part of its sustainability targets.
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Juan de Antonio, CEO of Cabify, says: "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.”
He adds that the Madrid-based company is reaching a “stage of maturity and sustainable growth that is unique in its sector.”
De Antonio also says the company expects to significantly increase revenue and profitability in the coming years with Cabify anticipating a tripling of revenue in the next three years.
The company is also looking to increase its share in Spain and Latin America and expand to more than 25 new cities.
Cabify says it is also working toward more sustainable journeys with a goal of zero-emission vehicles for all trips made on its platform in Spain by 2025 and Latin America by 2030.