A number of big companies have invested about $110 million into Cabify, Madrid's on-demand transportation platform, which rivals rideshare company giant Uber.
These investors include financial services giant AXIS and Orilla Asset Management, the family office for a major shareholder in automotive manufacturer Gestamp, according to TechCrunch+.
“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,” Juan de Antonio, CEO of Cabify, told TechCrunch+. “These are partners who share our vision for the sustainable mobility industry and will enable us to accelerate the delivery of our strategic plan.”
The funding for Cabify was both in equity and debt, and also included a €40 million loan from the European Investment Bank (EIB), which was announced in December 2022. According to TechCrunch+, Cabify has over 42 million users and 1.2 million drivers across eight markets. It competes with Uber in Spain and Latin America. The platform plans to use the most recent funding to triple its revenues over the next three years, while expanding to 25 more urban areas with large populations.
Cabify has also set a goal of producing zero emissions by 2025 in Spain and by 2030 across the world. The EIB loan was taken specifically for this effort and will be used for 1,400 electric vehicles and charging stations. TechCrunch+ reported that Cabify also signed a deal with Fenie Energia, an independent marketer of energy solutions, “to promote the installation and implementation of recharging points throughout Spain to accelerate the electrification of vehicles of taxi drivers and self-employed drivers that use Cabify.”
Two years ago the company followed the lead of other similar companies by adding subscriptions across multiple forms of transportation, plus grocery deliveries. Cabify noted that “turnover in 2022 is already 24% higher than in 2019, and 32% higher than in 2021.” Cabify told media outlets that global turnover for 2021 was $518 million, which would mean that the estimated figure for 2022 is $683.8 million. Cabify did not disclose whether it is actually profitable in any single market or overall, but it said that it is growing, according to TechCrunch+.