Cabify secured a $110M venture round comprising equity and debt. The equity portion comes from Orilla Asset Management and AXIS Participaciones Empresariales and the debt portion comes from the European Investment Bank.
With these funds, the company plans to continue expanding its operation, strengthen its technology stack and purchase 1,400 electric vehicles as part of its sustainability targets.
“The commitment from strategic investors recognizes Cabify’s positive impact and potential to create long-term value for investors and cities. These partners share our vision for sustainable mobility and will help us accelerate our strategic plan,” said Cabify CEO Juan de Antonio.
Cabify’s core business is its ride-hailing app that connects private drivers with passengers, using technology to offer safe, reliable, and better-priced rides than traditional transportation services.
Cabify operates in over 34 cities across Spain, Mexico, Colombia, Chile, Peru, Uruguay, and Argentina, with 42 million registered users and 1.2 million drivers. It plans to triple revenues in the next three years by expanding to 25 more cities.
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