Cabify raises $110 million to accelerate strategic plan

Credit: Cabify

Cabify has announced that it has raised funding worth $110 million following investments from Orilla Asset Management and AXIS, through Fond-ICO Next Tech, among other investors. 

Cabify’s new resources will enable the company to maximise the impact of this partnership and further improve mobility in the Spanish and Latin America regions. 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.

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.” 

Returning cities to their rightful owners

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 partnerships with manufacturers and the activation of categories that only incorporate electrified vehicles (such as plug-in hybrids, electric vehicles, etc.).

Cabify has been transforming the way that people move around cities for more than 11 years and has more than 1,000 employees in Spain and Latin America. Currently, the company operates in seven countries and more than 40 cities, has more than 42 million registered users and 1.2 million collaborating drivers and taxi drivers.