Cabify raises 100 million euros to accelerate its strategic plan

The company of the president of Gestamp, Francisco Riberas, and AXIS, among the participants in the investment round

MADRID, 28 Mar. (EUROPA PRESS) -

Cabify has raised financing worth 110 million dollars (102 million euros) in an investment round, with the aim of advancing in the fulfillment of its strategic plan, focused on profitable growth and the promotion of sustainable mobility.

The Spanish mobility company has anticipated some of its economic results for 2022, a year in which the business volume was 24% higher than the levels of 2019 and 32% more in relation to 2021.

With this new injection of capital, the company will increase its market share in the countries in which it operates and, among other projects, will expand to more than 25 cities in Latin America and Spain, with the expectation of multiplying its revenue by three in the next three years.

Among the objectives of this expansion are cities with more than 200,000 inhabitants. At the end of 2022 and as a result of the closure of operations of the Beat platform in Latin America, Cabify closed a collaboration contract with this company to position itself as a new alternative in that region.

The new resources available to the company will allow it to maximize the impact of this collaboration and continue to improve mobility in the region, while at the same time continuing to invest in new business lines such as Cabify Logistics, the unit launched to transform the logistics needs of the companies.

Among the investors that have participated in this round are Orilla Asset Management, the investment company of the direct family of the president of Gestamp, Francisco Riberas, and AXIS --through Fond-ICO Next Tech--, among others, which join the investment made by Mutua Madrileña in July 2022 and the loan granted by the European Investment Bank (EIB).

"This commitment by strategic investors is recognition of Cabify's positive impact and potential to continue creating long-term value for our investors and the cities in which we operate. They are partners who share our vision of the sustainable mobility industry and will allow us to speed up the fulfillment of our strategic plan", said its executive president, Juan de Antonio.

The company has also set itself the goal that all trips made on its platform are in zero emission vehicles in Spain in 2025 and in Latin America in 2030.