Cabify secures €15 million to advance sustainable and accessible urban mobility

Credit: Cabify

Cabify has announced that it has successfully closed a €15 million “Venture Debt” financing facility with BBVA Spark. This funding will play a pivotal role in accelerating Cabify’s strategic plan, which is focused on enhancing sustainable and accessible urban mobility.

Founded 12 years ago in Madrid, Cabify achieved the remarkable feat of becoming Spain’s first unicorn in 2018. This new funding will empower Cabify to continue promoting a sustainable urban mobility model that is accessible to the majority of citizens. The collaboration aims to accelerate the implementation of the company’s strategic initiatives, particularly those aligned with boosting sustainability and accessibility in urban transportation.

Juan Barbolla, CFO of Cabify, said: “We have a firm purpose to make cities better places to live, and we are advancing on this path thanks to the efforts of millions of collaborative drivers, passengers and hundreds of employees who, day after day, promote more accessible and sustainable mobility options. We are delighted that the BBVA team is joining Cabify as a co-driver in this journey.”

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Cabify’s Sustainable Business Strategy 2022-2025 underscores its commitment to sustainable growth from social, financial and environmental perspectives. The company is actively investing in the progressive decarbonisation and electrification of its fleet, with the goal of achieving 100% zero-emission trips on its platform by 2025 in Spain and 2030 in Latin America.

Recent milestones include the addition of 200 new electric cars in Madrid, operated by Vecttor, a subsidiary of the Cabify group. This move positions Cabify as a pioneer in the sector, with one in four these cars already bearing a Zero label, showcasing its dedication to reducing emissions.

Despite an increase in trip volumes, Cabify has successfully reduced total emissions. The company’s commitment extends to the development of its Tech Mobility and service proposal, ensuring that accessible and sustainable mobility reaches more people and territories across the 40 plus cities it operates in Spain and Latin America.