29 Mar 23

Cabify to fuel strategic growth and electrification with the latest $110 million funding

Cabify to fuel strategic growth and electrification with the latest $110 million funding

Cabify, the Spanish multi-mobility platform and transport provider, will boost its global expansion of operations and electrification following the $110 million funding from several investors.

The massive funding will accelerate the global strategy of Cabify, described mainly by three goals: 

  • Continuing the growth in the already established markets,
  • Electrifying the Cabify fleet in Spain and Latin America,
  • Strengthening the technological innovation strategy. 

Cabify has been busy solidifying its position in Spain recently; it received €40 million in funding from the European Investment Bank (EIB) to electrify 1,400 vehicles in its fleet and announced a strategic partnership with Mobilize, Renault Group's mobility brand last year. With the latest funding, the Spanish mobility platform looks at a wider strategic map. 

The new plan includes establishing mobility operations in over 25 cities in Latin America and Spain, with over 200,000 inhabitants. After the exit of Beat in Latin America, Cabify quickly filled the void and successfully met the increasing mobility demands of the region. Planning to multiply its revenues by three in the coming three years, Cabify's zero-emission target for Spain is 2025 and 2030 for Latin America. 

Cabify operates in seven countries, with over 42 million registered users. Orilla Asset Management and AXIS led the latest funding through FOND-ICO Next Tech. The latter is a joint venture formed by the Spanish government and institutions, aimed to promote innovative projects, representing a fund of up to $4 bn.

Image: Cabify

Authored by: Mufit Yilmaz Gokmen