Cabify closes over €101 million to fuel future growth and hit the accelerator on sustainability strategy

Madrid-based Cabify, one of Europe’s most successful mobility scaleups, has just secured over €101 million ($110 million) to supercharge its strategic plans for profitable growth and sustainable mobility. 

Mobility scaleup, Cabify, has been shaping Europe’s mobility market since 2011. The Spanish company, which offers a mobility app that provides users with different transport options in just a few clicks, has been driving forward sustainability plans in recent years, electrifying its fleet and looking for profitable growth.

Today, Cabify has announced it has closed over €101 million ($110 million) to hit the accelerator on its roadmap. The funding sees participation from Orilla Asset Management, AXIS, Fond-ICO Next Tech and others.

With a vision of making cities more mobile, Cabify’s multi-mobility platform offers different alternatives to reduce urban travel in private cars, leveraging tech to make cities more liveable. The company is a member of the UN Global Compact, accredited for its commitment to the local ecosystem.

Born in Madrid in 2011, Cabify has been moving towards profitable growth in recent years, as well as spearheading sustainability in mobility. Currently, the company operates in 7 countries and 40 cities across Spain and LATAM, counting more than 42 million registered users, and 1.2 million collaborating drivers and taxi drivers.

The company reports that its turnover in 2022 was 24% higher than in 2019, and 32% higher than in 2021.

But what makes Cabify stand out is its commitment to sustainability and its ambitious plans to reduce carbon emissions. In 2018, the mobility innovators became the first carbon-neutral platform in its sector and it has since then been offsetting emissions (and those of its passengers) on a global level.

Juan de Antonio, CEO of Cabify: “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 multi-mobility scaleup has set a 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 (such as plug-in hybrids, electric vehicles and so forth).

These new funds will help fuel this strategic plan, helping grow the company in its target markets, electrify the fleet and support the company’s innovation strategy.

Juan de Antonio, CEO of Cabify: “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”.

Cabify has also shared plans to multiply its revenues by 3 in the next 3 years. 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.

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• Source: https://www.eu-startups.com/2023/03/cabify-closes-over-e101-million-to-fuel-future-growth-and-hit-the-accelerator-on-sustainability-strategy/