Spanish ground transport specialist Cabify has raised another $110 million in funding to help it expand further in Spain and Latin America.
Cabify, which secured a €40 million loan from the European Investment Bank last year to purchase 1,400 electric vehicles, said its latest fundraising would allow the company to “accelerate in key areas of its strategic plan” including the electrification of the fleet.
The company’s new round of fundraising comes from a range of investors, including Orilla Asset Management and AXIS.
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.”
Cabify is aiming to triple its revenue in the next three years as it expands to more than 25 cities in Spain and Latin America. Currently it has more than 1,000 employees with operations in 40-plus cities across seven countries.
Sustainability will be a key element of this planned growth, with Cabify aiming for all trips in Spain to be made using zero-emission vehicles by 2025. It has made the same zero-emission commitment 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,” added the company in a statement.